Binance labs lead a $12M Series A funding round for Woo Network, a decentralized finance (DeFi) providing liquidity to platforms such as DYdX, Matcha, ParaSwap, 1inch, and Dodo.
Woo Network, which was founded by Kronos Research, a leader in quantitative trading, has received a $12 million strategic investment in a Series A+ funding round headed by Binance Labs. Binance Labs announced the new money on Tuesday, adding to Woo Network’s $30 million Series A funding round.
Institutions, exchanges, trading teams, wallets, and decentralized apps all benefit from Woo Network’s liquidity. The DeFi platform supports the following protocols: DYdX, Matcha, ParaSwap, 1inch, and Dodo.
Thanks to algorithmic aggregation and trading techniques, Woo claims to be able to deliver low-cost liquidity. Clients can utilize the API or Woo X, the network’s own trading interface, to help with liquidity.
Woo Network began providing liquidity on the Binance Smart Chain (BSC) last year, according to the statement. Binance, according to Woo Network’s chief of ecosystem development Ran Yi, has the biggest volume and user concentration.
“Being able to formalize our connection with Binance would enable us to significantly accelerate our growth by collaborating with Binance across all of their industry verticals,” he added.
The new cooperation, according to Binance Labs investment director Peter Huo, would broaden future collaborations on BSC.
In 2021, Binance Labs, the largest crypto exchange by volume’s venture capital and incubation arm, led a number of investment deals in the DeFi ecosystem, including a $2.4 million funding round for Polkadot-based smart contract platform Plasm Network and a $60 million funding round for cross-chain protocol Multichain.