Market

WOO Network grows more than 35% after being invested by Biance Labs with $ 12 million

WOO Network grows more than 35% after being invested by Biance Labs with $ 12 million.

Binance Labs, the investment arm of the world’s largest exchange, Binance, claims to have invested US $ 12 million in a series A + financing round from institutional liquidity provider WOO Network. Soon after, the native token WOO skyrocketed and climbed into double digits.

Follow official announcement Binance’s investment in WOO Network follows the recently completed Series A round of the project in November 2020, in which the platform received $ 30 million from well-known investors such as Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto .com Capital, Avalanche and BitTorrent.

With the latest funding from Binance Labs, WOO Network will expand operations by attracting talent. There are also plans to ramp up production of new decentralized products and research and development.

Since its inception, WOO Network has provided active liquidity to over 40 institutions, trading platforms, trading teams, crypto wallets and Dapp platforms. These include projects hosted on Binance Smart Chain (BSC) such as DODO, 1Inch, DYDX, etc.

Peter Huo, CIO at Binance Labs, commented on this development, saying the rationale for the investment is that the project will add value to the crypto market by providing liquidity and free transactions to the crypto market both in and out of the chain.

“We look forward to expanding our long-term relationship and examining further partnerships, especially with BSC.”

Ran Yi, Ecosystem Development Manager at WOO Network, shared:

“When it comes to liquidity, Binance has the highest concentration of volume and users of any centralized exchange. The ability to formalize our relationship with Binance will allow us to rapidly accelerate our growth by working more closely with Binance in all of their industries. “

Meanwhile, it is the latest investment from Binance’s venture arm after announcing last month that it has incubated more than 100 projects worldwide since its inception in 2018.

The news of the $ 12 million investment has had a positive impact on the WOO network’s native token. Almost immediately after the announcement, WOO jumped more than 35% to $ 1.27, from $ 0.93 previously, with market cap surpassing the $ 1 billion mark.

Source: TradingView

If you don’t have a Binance account, register now here.

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

25 minutes ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

27 minutes ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

55 minutes ago

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

4 hours ago

Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum

Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…

7 hours ago

USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products

Palo Alto, California, 21st November 2024, Chainwire

9 hours ago

This website uses cookies.