Binance Labs funds WOO Network with $12 million

Binance Labs, the investment fund of the world’s largest exchange that invests in DeFi projects, announced that it has invested $12 million in DeFi’s WOO network platform. 

Binance Labs and WOO Network

According to DeFi platform sources, the investment would be part of a larger $30 million Series A+ funding round. 

“WOO Network adds significant value to the crypto ecosystem by providing deep liquidity and zero-fee trading both on- and off-chain. We are excited to expand our long-lasting relationship and explore further collaborations, especially on BSC”.

This was stated by Peter Huo, Chief Investment Officer of Binance Labs, in a company statement. 

WOO Network’s platform, founded in 2019 by Kronos Research, is focused on providing liquidity to more than 40 institutions, exchanges, portfolios and decentralized applications. 

In May last year, WOO Network began providing liquidity on Binance Smart Chain with the launch of WOOFi Swap. Now this funding aims to make the collaboration between the exchange and the platform even closer, as outlined by WOO Network’s head of ecosystem development, Ran Yi:  

“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”.

Binance: growing interest in DeFi

Binance has long been showing great interest in DeFi and its evolutions such as NFTs and metaverse.  Many investments have been made in 2021, most recently the $1 million investment in GameFi Stars Sharks. In October, $5 million was invested in the startup DeFi Dodo. Also in October, Binance Labs announced a stake in Biswap, the first decentralized exchange with a “unique referral programme that rewards users with earnings from their arbitrages.

On the other hand, on Binance Smart Chain, Binance’s blockchain for dApps developers and startups, recently funded with $1 billion, projects closely related to decentralized finance are becoming increasingly important. 

Clear evidence of this is that in October, Binance committed to fostering innovation within the decentralized finance (DeFi) ecosystem by setting up a $100 million acceleration fund allowing developers to create blockchain projects on Binance Smart Chain.