WOO Network Soars 25% After Binance Invested $12 Million

WOO Network soars 25% after the Binance Crypto Exchange investment branch invested $12 million in the platform so let’s read more in our latest Binance news.

Binance made a $12 million investment in WOO Network and its price surged 25% after the announcement. Binance Labs as the investment arm of the popular crypto exchange Binance said it invested $12 million in WOO Network and its price surged 25% after the announcement. According to the official announcement from Binance, the investment in Woo network came on the heels of the project’s recently concluded Series A completed in November 2020. the round saw WOO Network raise $30 million from investors like Three Arrows Capital, Gate Ventures, PSP Soteria Ventures, Crypto.com, Avalanche, and BitTorrent.

With the latest capital injection from Binance Labs, Woo network will use the funds into expanding the operations beyond the current state of talent acquisition. It also has plans to enhance the production of the new decentralized products and research and development. Since the launch, WOO Network provided active liquidity to more than 40 institutions, trading teams, crypto wallets, trading platforms, and decentralized application platforms. Some of those include projects hosted on the Binance Smart chain, DYDX, 1inch, and more.

Commenting on the development, Peter Huo as an investment Director at Binance Labs said the company invested in the WOO Network as the project adds value to the market by providing liquidity and zero-cost trading for both the on-chain and off-chain. Huo added:

“We are excited to expand our long-lasting relationship and explore further collaborations, especially on BSC.”

Ran Yi, the Chief of Ecosystem Development at WOO Network noted:

“When talking about liquidity, Binance has far-and-away the highest concentration of volume and users of any centralized exchange. Getting the opportunity to formalize our relationship with Binance will allow us to rapidly accelerate our growth by working closer with Binance across all their industry verticals.”

In the meantime, Binance’s investment in WOO Network is the latest from the exchange’s venture capital arm after announcing last month that it incubated over 100 projects globally since its inception in 2018. The news of Binance Labs’s $12 million investment in Woo network saw the project’s native crypto soar. Right after the announcement, WOO token surged more than 25% to $1.20 from its $0.93 position with the market cap crossing $1 billion as per the data on CoinGEcko.