In Brief:
- DeFi deep liquidity Provider WOO Network raises $30 million in Series A round.
- This fundraise is a testament to growing institutional trust in the network and the immense value it brings to the crypto trading market.
On November 09, the DeFi deep liquidity provider WOO Network announced the completion of its $30M Series A with support from Three Arrows Capital, PSP Soteria Ventures,QCP Capital, Gate Ventures, and Crypto.com Capital.
The move witnessed investors across core pillars in the industry like the trading institutions, exchanges, venture funds, and research firms such as LBank, MEXC Global, BitMart, AntAlpha, 3Commas Capital, AscendEX, TokenInsight Research,
Fenbushi Capital, AVATAR (Avalanche Asia Star Fund), and ViaBTC Capital.
The strategic equity round was initially oversubscribed by 200%.
It is worth mentioning that, this round comes after the successful launch of WOO X that provides traders with top market liquidity at lower to zero trading fees, and the alpha launch of WOOFi, a decentralized exchange platform that provides reduced slippage at lower fees and also the best possible swap prices.
This fundraise is a testament to growing institutional trust in the network and the immense value it brings to the crypto trading market.
Some part of the new capital will be used to expedite global market expansion through talent acquisition and the opening of a new R&D regional office in Warsaw, Poland.
Some part of the capital will also be allocated towards the development of new arenas such as futures, social trading, and a suite of innovative DeFi trading and yield generating products.
Calling WOO X as the flagship CeFi exchange product of WOO Network, Jack Tan, the Co-Founder of WOO Network commented, “These efforts will further extend the network’s vision of providing the best-in-class liquidity, trading execution, and yield-generating strategies at lower to no cost across CeFi and DeFi.”
WOO Network has witnessed tremendous growth since its initial seed funding in 2020. The network provides one of the highest trading depths of between 250-300 BTC and 2500-3000 ETH on a tight 2% +/- bid/ask spread along with millions of dollars in altcoin liquidity at any given point.
Also Read: CoinList Raises $100M In Series A Funding Round
When considering deep liquidity, the trading volumes grew significantly from $20m daily in early 2020 to an average of $1B in daily volume in October of this year. Also, the trading volume experienced an all-time high of $2.6B in mid-September 2021.
As a deep liquidity network, WOO Network connects traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity, trading execution, and yield generation strategies at lower to zero cost.
