WOO Network grows more than 35% after being invested by Biance Labs with $ 12 million.
Binance Labs, the investment arm of the world’s largest exchange, Binance, claims to have invested US $ 12 million in a series A + financing round from institutional liquidity provider WOO Network. Soon after, the native token WOO skyrocketed and climbed into double digits.
Follow official announcement Binance’s investment in WOO Network follows the recently completed Series A round of the project in November 2020, in which the platform received $ 30 million from well-known investors such as Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto .com Capital, Avalanche and BitTorrent.
With the latest funding from Binance Labs, WOO Network will expand operations by attracting talent. There are also plans to ramp up production of new decentralized products and research and development.
Since its inception, WOO Network has provided active liquidity to over 40 institutions, trading platforms, trading teams, crypto wallets and Dapp platforms. These include projects hosted on Binance Smart Chain (BSC) such as DODO, 1Inch, DYDX, etc.
Peter Huo, CIO at Binance Labs, commented on this development, saying the rationale for the investment is that the project will add value to the crypto market by providing liquidity and free transactions to the crypto market both in and out of the chain.
“We look forward to expanding our long-term relationship and examining further partnerships, especially with BSC.”
Ran Yi, Ecosystem Development Manager at WOO Network, shared:
“When it comes to liquidity, Binance has the highest concentration of volume and users of any centralized exchange. The ability to formalize our relationship with Binance will allow us to rapidly accelerate our growth by working more closely with Binance in all of their industries. “
Meanwhile, it is the latest investment from Binance’s venture arm after announcing last month that it has incubated more than 100 projects worldwide since its inception in 2018.
The news of the $ 12 million investment has had a positive impact on the WOO network’s native token. Almost immediately after the announcement, WOO jumped more than 35% to $ 1.27, from $ 0.93 previously, with market cap surpassing the $ 1 billion mark.
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