Carrying out a record 2021 where Investment Capital (VC) firms continued a good investment spree, splashing massive capital on crypto, DeFi, and NFT-focused startups, the momentum is obtaining again in 2012.
The most recent funding announcement originated from Binance Labs, the VC arm of Binance cryptocurrency exchange, which stated it backed Woo Network with $12 million in the Series A round.
Per the announcement, an investment seems to become a solo affair as both Binance and Woo Network searched for avenues to boost their proper relationship. The funding round is particularly likely to be utilized in supporting WOO Network’s rapid expansion through talent acquisition, development and research, and the introduction of new decentralized products.
Ran Yi, Chief of Ecosystem Development at WOO Network, shared his ideas around the cooperation with Binance.
Woo Network has created a distinct segment by itself like a major liquidity provider in excess of 40 institutions, exchanges, buying and selling teams, wallets, and decentralized applications. At the moment, Woo Network’s suite of clients includes DYDX, Matcha, ParaSwap, 1inch, and DODO, all leveraging capital-efficient methods to gain an advantage over passive liquidity providers.
The funding round uses Woo Network elevated $$ 30 million from investors in November 2021. Among the investors who back the firm includes Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, Avalanche, and BitTorrent. For Binance, the firm’s VC has expressed its readiness to constantly back innovative platforms within the space.
It is really an understanding of the possibility boost the investing world will probably witness this season.