Decentralized finance (DeFi) liquidity provider Woo Network has secured additional funds in a Series A funding round.
Incubated by quantitative trading heavyweight Kronos Research, Woo Network has pocketed an additional $12 million strategic investment in a Series A+ funding round led by Binance Labs. The fresh funding, announced by Binance Labs on Tuesday, builds upon Woo Network’s $30-million Series A funding round.
Woo Network is known for adding liquidity to institutions, exchanges, trading teams, wallets and decentralized applications. DYdX, Matcha, ParaSwap, 1inch and Dodo are the primary protocols supported by the DeFi platform. Woo claims to provide cheap liquidity thanks to algorithmic aggregation and trading techniques. Clients who want to facilitate the liquidity can use the API or the network’s own trading interface, Woo X.
The announcement highlights that Woo Network started providing liquidity on the Binance Smart Chain (BSC) last year.
Woo Network chief of ecosystem development Ran Yi pointed out that Binance has the highest concentration of volume and users. “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,” he added.
Binance Labs investment director Peter Huo said that the new partnership would expand future collaborations on BSC.
Binance Labs, the venture capital and incubation arm of the largest crypto exchange by volume, led a number of investment deals in the DeFi ecosystem in 2021, including a $2.4-million funding round for Polkadot-based smart contract platform Plasm Network, and raised $60 million in financing for cross-chain protocol Multichain.