Binance Labs Led $12M Investment Round for WOO Network
- “2021 showed the results, both with volumes swelling to as high as $2.5 billion in one day, 60 new team members, over 100,000 community members, and the formation of the WOO DAO,” Ben Yorke, the marketing vice president at WOO Network told Blockworks
- WOO Network liquidity backs a number of decentralized protocols, including: dYdX, Matcha, ParaSwap, 1inch and DODO
WOO Network has closed a $12 million Series A+ round just a few months after its $30 million capital raise in November, the company shared on Tuesday.
The round was led by Binance Labs and will support WOO Network’s expansion for talent, research and development as well as the development of new decentralized products.
“2021 showed the results, both with volumes swelling to as high as $2.5 billion in one day, 60 new team members, over 100,000 community members, and the formation of the WOO DAO,” Ben Yorke, marketing vice president at WOO Network, told Blockworks.
Since 2021, the network has been providing liquidity on Binance Smart Chain through its decentralized WOOFi products, which uses data feeds and hedging strategies to provide depth and spreads of centralized markets without the need for excessive on-chain capital. WOO Network liquidity backs a number of decentralized protocols, including dYdX, Matcha, ParaSwap, 1inch and DODO.
“Being recognized by a top player like Binance really validates the progress, and puts WOO Network in a strong position to grow users and volumes throughout DeFi and [centralized finance] in 2022,” Yorke said.
The network aims to connect traders, exchanges, institutions and DeFi platforms with access to liquidity, trading execution and yield-generating strategies at close to zero costs.
The deep liquidity ecosystem’s Series A round in November was oversubscribed by 200% and backed by a handful of big investors such as Three Arrows Capital, Crypto.com Capital and QCP Capital.
In early December, WOO partnered with NEAR Foundation after completing a $5 million token swap to join the two projects, Blockworks previously reported. As part of the partnership, WOO Network will become a builder in the NEAR Protocol ecosystem. The tokens have a five-year vesting period, and the platforms can collaborate to create shared value for their respective token economies, according to the announcement.
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Jacquelyn MelinekJacquelyn Melinek is a New York-based reporter covering digital asset funds and markets. She previously reported on energy markets for S&P Global Platts and Bloomberg News and is published in over 65 news outlets. She graduated from the University of North Carolina at Chapel Hill with a degree in Media and Journalism.
