woo network - Pwim.Net

DeFi Startup WOO Network Secures $30M in Oversubscribed Series A Round

Decentralized Finance (DeFi) deep liquidity service provider WOO Network has successfully raised $30 million from investors as more hedge funds and ecosystem stakeholders double down on their quest to gain exposure to the growing world crypto.

The official announcement affirmed the funding round was oversubscribed by 200%, and it received staunch backing from Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, and Crypto.com Capital. The WOO Network’s series A also enjoined participation from other investors, including AscendEX, AntAlpha, MEXC Global, LBank, Fenbushi Capital, BitMart, 3Commas Capital, TokenInsight Research, AVATAR (Avalanche Asia Star Fund), and ViaBTC Capital.

Following the capital injection, the startup says it will use the funds to drive its global expansion, build out its products team, and expand its current offerings to its users. As a deep liquidity provider, the startup currently operates WOO X, and WOOFI, both of which it aims to build upon.

“While WOO X remains the flagship CeFi exchange product of WOO Network, the fundraise allows us to set our sights further and venture deeper into the DeFi space through our suite of swapping and yield-generating products under WOOFi. These efforts will further extend the network’s vision of providing the best-in-class liquidity, trading execution, and yield-generating strategies at lower to no cost across CeFi and DeFi,” commented Jack Tan, Co-Founder of WOO Network.

The rate at which venture funds are flowing into the digital currency ecosystem reflects the growth and maturity of the crypto ecosystem. The positioning is very clear, and it involves the focus of institutional investors to align with the future potentials of the broader digital currency ecosystem.

Amongst the most prominent funding secured by blockchain and crypto startups in recent months includes OpenSea’s $100 million Series B Funding concluded in July and led by Andreessen Horowitz (a16z). FTX Derivatives Exchange has also pulled about $1.4 billion in funding in the year-to-date period.

Binance Completes Woo Network's Series A+ Round with $12M Investment

Following a record 2021 where Venture Capital (VC) firms went on an investment spree, splashing massive capital on crypto, DeFi, and NFT-focused startups, the momentum is picking up again in the new year.

The latest funding announcement came from Binance Labs, the VC arm of Binance cryptocurrency exchange, which said it backed Woo Network with $12 million in its Series A+ round.

Per the announcement, the investment appears to be a solo affair as both Binance and Woo Network sought avenues to bolster their strategic relationship. The funding round is notably going to be used in supporting WOO Network’s rapid expansion through talent acquisition, research and development, and the development of new decentralized products.

Ran Yi, Chief of Ecosystem Development at WOO Network, shared his thoughts on the cooperation with Binance.

“When talking about liquidity, Binance has far-and-away the highest concentration of volume and users of any centralized exchange… As a member of Binance Smart Chain’s Most Valuable Builder program, where we develop products and mentor early-stage projects, we are uniquely positioned to expand our strategic relationship,”

Woo Network has carved a niche for itself as a major liquidity provider for more than 40 institutions, exchanges, trading teams, wallets, and decentralized applications. At present, Woo Network’s suite of clients includes DYDX, Matcha, ParaSwap, 1inch, and DODO, all leveraging capital-efficient solutions to gain an edge over passive liquidity providers.

The funding round comes after Woo Network raised $30 million from investors back in November 2021. Amongst the investors who back the firm includes Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, Avalanche, and BitTorrent. On the part of Binance, the firm’s VC has expressed its willingness to continually back innovative platforms in the space.

This is an insight into the potential boost that the investing world will likely witness this year.

WOO Network Announces WOOFi's Shift from Near Protocol to Ethereum EVM

WOOFi, a leading decentralized exchange platform owned by Woo Network, has announced its strategic shift from the NEAR Protocol to Ethereum Virtual Machine (EVM) compatible networks. This transition is aimed at the development of its version 2.0 omnichain DEX.

WOOFi’s decision to transition was unveiled at TOKEN 2049. Jack Tan, WOO’s Founder and CEO, emphasized that this move is indicative of a more robust offering in both centralized finance (CeFi) and decentralized finance (DeFi) sectors. Tan envisions a seamless integration between the two crypto exchange realms in the upcoming bull run. WOOFi’s objective is to amalgamate major chains, centralize liquidity, and foster a cooperative ecosystem. This will enable WOOFi Pro users to trade across their preferred applications and blockchain networks. For instance, a trader on Arbitrum can execute trades against counterparts on chains like Polygon or Optimism without exiting Arbitrum.

WOOFi Pro’s design leverages the platform’s extensive experience in developing trading products. It promises a mobile-friendly interface, allowing traders to conduct transactions seamlessly. WOO X, WOOFi’s centralized exchange counterpart, boasts a daily trading volume ranging between $150 million to $500 million. It has been at the forefront of several industry innovations, including the introduction of a live transparency dashboard. This initiative is geared towards preserving the trust of its expanding community of professional traders. One of the standout features of WOOFi Pro is its gasless orderbook trading, which eradicates transaction fees. This not only enhances accessibility for users but also negates the requirement for Know Your Customer (KYC) verification. Furthermore, users maintain complete autonomy over their funds, eliminating dependence on external custodians.

Another noteworthy integration is with Orderly Network’s institutional-grade order books. This ensures that users have consistent access to a substantial liquidity pool. Orderly Network, a decentralized liquidity network, has garnered support from notable backers such as Pantera, Dragonfly Capital, and Sequoia Capital China.

Tan highlighted the synergy between WOO X and WOOFi, stating, “The combination of WOO X and WOOFi provides users with a fully-featured off-chain or on-chain orderbook trading system.” He further observed an uptick in traders seeking both traditional and cryptocurrency trading avenues. This trend has been particularly evident in the recent cycle, with a pronounced inclination towards Real World Assets (RWAs).

WOOFi Pro is set to debut with 10 crypto trading pairs in its October mainnet launch. However, there are plans to diversify its asset offerings, potentially including cryptocurrencies, stocks, commodities, and forex. To date, WOOFi has successfully facilitated over 2.9 million cross-chain swaps. With the platform’s user-friendly interface, it is anticipated that this number will surge as users can effortlessly navigate the ecosystem and diversify their asset portfolio with a single click.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.