Binance Labs did $12 million of investment in WOO Network. The native token of Woo Network’ surged rapidly.
Binance is a popular crypto exchange and this exchange is popularly known for its pro-level crypto services at low-cost trading fees. This exchange is not only busy in the empowerment to crypto and blockchain-based business initiatives but also it is trying its best to push education in the crypto industry.
On 4 January, Binance Labs, the financial arm of Binance exchange, announced that Binance invested $12 million in Woo network.
Woo network is a global liquidity provider company for financial institutions, crypto services like wallets, and trading service providers. Some of the projects, which are using the liquidity service of Woo network, are hosted on Binance Smart Chain (BSC) like DODO, 1Inch, DYDX, etc.
Binance Invested in Woo network during the Series A+ funding round. Besides Binance, many other leading crypto companies invested in Woo Network, these companies are Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, Avalanche, and BitTorrent.
Investment Director at Binance Labs, Peter Huo, stated on this investment of Binance. Peter said that Binance invested in Woo Network because this project is adding value to the crypto space by giving better support to other crypto services at zero cost on & off-chain trading. Further continues:
“We are excited to expand our long-lasting relationship and explore further collaborations, especially on BSC”
Through the series A+ funding round, Woo network collected a total of $30 million. However, Woo network completed its Series A round in November 2020. Now, Woo network will use the funds in the new decentralized products, and research and development work.
Price of Woo coin
After the announcement of the Binance exchange Investment in Woo network, the native token of Woo network surged by around 25%. Price changed from $0.93 to $1.2. Right now the price of this coin is $1.17. So we can understand very well that Binance’s presence as an Investor in the Woon Network is giving better respect in this crypto industry.