In Brief:
- Binance Labs leads a $12M strategic funding round for DeFi platform WOO Network.
- The $12M funding is part of the second leg of the Network’s Series A funding round.
- The funds aim to aid in talent acquisition, R&D, and the creation of new decentralized products.
Binance Labs, the venture capital and innovation arm of global cryptocurrency exchange Binance, led a $12M Series A+ funding round for DeFi platform WOO Network.
The investment from Binance Labs is part of the second leg of the Series A funding round.
Three Arrows Capital, Crypto.com Capital, Avalanche, and BitTorrent were among the investors who assisted in the fundraising of $30 million in the first leg of the round in November of last year.
WOO Network’s accelerated development will be aided by the funding, which will go toward talent acquisition, research and development, and the creation of new decentralized products.
WOO Network liquidity now supports several decentralized protocols, including DYDX, Matcha, ParaSwap, 1inch, and DODO, by employing capital-efficient solutions to obtain an advantage over passive liquidity providers.
WOO Trade, a platform for institutional investors, and WOO X, a retail-focused platform, are the two main products offered by Woo Network.
WOO Network has been providing liquidity on the Binance Smart Chain (BSC) since 2021 through its decentralized WOOFi products.
“Invest in the industry,” tweeted Binance CEO Changpeng Zhao in response to their recent investment.
Binance’s incubation arm, Binance Labs, has proven to be an excellent platform for up-and-coming startups. The firm led a $60M funding round for cross-chain protocol MultiChain just last month. The funding will be utilized to enhance Multichain’s R&D team, as well as its security audit team and service staff.
