By Mark - Cryptocurrency Professional - 04-01-2022
In recent news, crypto market investment Woo Network (WOO) had seen a 25% increase after a Binance Lab announcement. The price to buy WOO crypto token went from $0.92 to $1.15 on the same day. Reportedly, the sudden growth in buying Woo Network coins is due to Binance announcing that they had invested around $12 million into the crypto company. Binance Labs is the company's native investment sector and was the department that invested in Woo Network's series A+ funding round on behalf of the significant crypto exchange.
In the initial announcement, the cryptocurrency exchange platform, Binance, had invested during the Woo Network's funding round in November 2020 and has only recently finished. In total, the funding round had raised about $30 million from investors worldwide. Some investors to mention that participated in the fundraising event were BitTorrent, Crypto.com Capital, Avalanche, QCP Capital, PSP Soteira Ventures, Three Arrows Capital, and Gate Ventures.
According to the liquidity and trading platform Woo Network, the company will use the funds to further expand its network by hiring talented workers. Reportedly, the Woo Network also plans on producing new products, research, and development in the decentralised field.
Woo Network is a liquid crypto exchange developed by a cryptocurrency firm Kronos in 2019. The exchange provides a variety of services to a variety of customers. Woo Network's services include liquidity, trading, and yield generation. The platform serves a wide range of customers such as other exchanges, Decentralised Finance (DeFi) projects, traders, and institutions.