The venture capital arm of Binance declared a $12 million key investment in WOO Network, a liquidity stage that connects clients to trades, institutions and decentralized money (DeFi) networks.
WOO Network increases the value of the crypto ecosystem by giving profound liquidity and zero-expense exchanging both on-and off-chain. We are eager to grow our long-enduring relationship and investigate further collaborations, particularly on Binance Smart Chain, said Peter Huo, Binance Labs investment director, in the official statement.
Woo Network Provides Liquidity to Over 40 Institutions
WOO Network gives liquidity to almost 40 institutions, trades, exchanging groups, wallets and decentralized applications. The organization’s items incorporate WOO Trade, a stage for institutional investors, and the retail-focused WOO X, which consolidates zero-charge exchanging and profound liquidity.
Last year, WOO Network started furnishing liquidity on Binance Smart Chain with the send off of WOOFi Swap, which utilizes the liquidity network and institutional market-production techniques to further develop valuing and decrease slippage.
WOO Network shut a $30 million Series A round in November that included investments from vital partners Three Arrows Capital, Crypto.com Capital, Avalanche and BitTorrent.
Bitcoin exchanged sideways at around $46,000 on Monday and is down around 8% over the previous week. Bullish feeling has all the earmarks of being low in spite of bitcoin denoting its thirteenth birthday celebration. On Jan. 3, 2009, Satoshi Nakamoto mined the primary block, the Genesis Block, which denoted the start of the Bitcoin blockchain.
For the present, specialized markers propose close by help could energize short-term purchasing action. The information shows the new decrease in transaction counts on Bitcoin’s blockchain. In past cycles, an initial burst of movement upheld revitalizing costs, yet as of late, transactions neglected to support any significant momentum, as indicated by crypto information firm Glassnode.