Binance Invested $12 Million In Woo Network Liquidity Platform

Binance invested $12 million in Woo Network’s Liquidity platform in a Series A in November as we are reading more in today’s Binance news.

The venture capital arm of Binance invested $12 million in Woo Network, a liquidity platform that connects users to exchanges, decentralized finance networks, and institutions. Peter Huo, the Binance Labs investment director noted:

“WOO Network adds significant value to the crypto ecosystem by providing deep liquidity and zero-fee trading both on- and off-chain. We are excited to expand our long-lasting relationship and explore further collaborations, especially on [Binance Smart Chain].”

Woo Network provides liquidity to over 40 exchanges, institutions, trading teams, and wallets as well as decentralized applications. The company’s products include Woo Trade as a platform for institutional investors and the retail-focused Woo X that combines zero-fee trading and even a higher degree of liquidity. Last year, Woo Network started providing liquidity on the Binance Smart Chain after launching WooFI Swap that uses the liquidity network and institutional market-making techniques in order to improve pricing and reduce slippage. WOO also provides more liquidity to other decentralized protocols like DYDX, ParaSwap, DODO, 1Incha, and Matcha. Woo Network closed a $30 million Series A round in November that included investments from partners like Crypto.com Capital, BitTorrent, Three Arrows Capital, and Avalanche.

Founded in 2017, Binance Labs aims to make early-stage investmetns in companies like Dorahacks and interoperability startup LayerZero but the investors and incubator also took part in later rounds like the $110 million Serie sC for Figment crypto staking platform that was led by investment company Thoma Bravo.

As recently reported, In a video to round off the 2021 year, Changpeng Zhao as the Binance CEO claims centralized systems are here to stay. He caveated the sentiment with a few references to the crypto market as being a nascent industry and prone to plenty of hackers, Ponzi schemes, and scammers. The readers will surely remember the 2021’s rug pulls like the one with the Squid Game Token that clocked in a 45,000% gain before dumping. Binance also launched an inquiry into the token to trace the funds that were associated with the pump-and-dump scheme.

Binance is the world’s biggest crypto exchange in terms of trading volume and it isn’t authorized to operate in Ontario according to the province’s securities regulator. The Ontario regulator notified the investors that binance is not registered under securities laws in the province.