Decentralized finance (DeFi) liquidity provider WOO Network has grabbed the attention of the world’s largest crypto exchange Binance.
Binance Labs, Binance’s VC arm which invests in early-stage blockchain entrepreneurs and startups, made a strategic investment of $12 million in WOO Network. The investment came as an addition to WOO’s $30 million Series A round held in November 2021. At the time, the network saw participation from Three Arrows Capital, Crypto.com Capital, Avalanche, and more.
In a press release issued Tuesday, Peter Huo, Binance Labs investment director, said:
“WOO Network adds significant value to the crypto ecosystem by providing deep liquidity and zero-fee trading both on- and off-chain. We are excited to expand our long-lasting relationship and explore further collaborations, especially on [Binance Smart Chain].”
WOO Network has become a well-known liquidity provider in the industry, offering liquidity to more than 40 trading teams, wallets, institutions, exchanges, and decentralized applications. Some of the protocols include dYdX, Matcha, ParaSwap, and 1inch.
Through its WOOFi Swap product, WOO started providing liquidity to Binance Smart Chain last year. According to Binance, it uses “WOO Network’s custom market data feeds and advanced hedging strategies to provide the depth and spreads of centralized markets without the need for excessive on-chain capital.”
Moreover, it also has its own trading interface, WOO X, and a platform for institutional investors, called WOO Trade.
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