Binance Labs, the venture capital arm of the largest global cryptocurrency exchange, has launched a $12 million strategic investment in institutional liquidity supplier Woo Network. Woo Network offers active liquidity to over 40 organizations, exchanges, trading groups, wallets, and defi platforms. Woo Network has two primary products: WOO Trade for investment firms and WOO X, a retail-focused service.
Woo raised nearly $12 million in the most recent investment cycle, and that is the second leg of the Series A funding round. Three Arrows Capital, Crypto.com Capital, Avalanche, and BitTorrent contributed to the platform’s $30 million funding round in November of the previous year.
The freshly generated funds will be used to accelerate the company’s growth via talent procurement, r&d., and the creation of additional decentralized products.
Binance’s incubation network has produced several unicorns.
Binance is most recognized for its large spot and futures trading volume, however, its incubation arm, Binance Labs, has also demonstrated to be an excellent venue for emerging and innovative ideas. Polygon (MATIC) is a further noteworthy instance of how the incubation network has assisted tiny crypto companies in becoming tomorrow’s titans.
Notwithstanding some preliminary regulatory snags, the globe’s top platform ended 2021 on a positive note. The crypto platform has formed various fresh alliances in the Asia Pacific area and the Gulf countries. Binance is currently trying to extend its user base by establishing additional headquarters and forging new collaborations.