The latest funding round from the crypto exchange giant Binance could send WOO Network to even greater heights. Covered: Binance WOO Investment WOO Price Update The crypto market is looking strong on the day as Bitcoin hovers above bearish price levels. As the king crypto asset finds a bottom, other decentralized finance (DeFi) protocols like […] The post Binance Invests $12 Million In WOO Network appeared first on CryptosRus.

Binance Invests $12 Million In WOO Network

The latest funding round from the crypto exchange giant Binance could send WOO Network to even greater heights.

Covered:

  • Binance WOO Investment
  • WOO Price Update

The crypto market is looking strong on the day as Bitcoin hovers above bearish price levels. As the king crypto asset finds a bottom, other decentralized finance (DeFi) protocols like WOO are catching some time in the spotlight to gear up for a run on the back of another Bitcoin bull rally.

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Binance WOO Investment

Today, WOO Network announced that the protocol will be receiving $12 million from a Series A+ investment round led by Binance. It comes off the back of a previous $30 million investment round from November carried out by strategic partners Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, Avalanche, and BitTorrent.

WOO Network CEO Ran Yi says that Binance is an attractive partner for the protocol given the high volume concentration stemming from the Binance ecosystem.

“When talking about liquidity, Binance has far-and-away the highest concentration of volume and users of any centralized exchange. 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. As a member of Binance Smart Chain’s Most Valuable Builder program, where we develop products and mentor early-stage projects, we are uniquely positioned to expand our strategic relationship.”

Bill Chin, head of investments at Binance Labs, adds, “As the leading crypto exchange globally, Binance appreciates the importance of liquidity platforms and looks forward to investing in and collaborating with industry leaders such as WOO Network.”

WOO Network is a liquidity platform that provides active liquidity to 40+ institutions, exchanges, trading teams, wallets, and decentralized applications (dApps). WOO Network is able to provide some of the cheapest liquidity in the space through algorithmic aggregation and trading techniques.

It seems that Binance CEO Changpeng Zhao (CZ) has high hopes for the future of this project. The protocol was one of Binance Smart Chain’s $100 million liquidity incentive recipients, and now the project has received even more funding from Binance itself. 

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WOO Price Update

Today, WOO holders are certainly feeling the excitement. From an open of $0.96, WOO sprang up over 20% to a current price of $1.14.

Looking at the weekly chart, WOO has been essentially rangebound between $1.37 and $0.30 ever since its parabolic rally at the beginning of 2021. However, that accumulation looks to be gradually coming to an end as the lows have gotten progressively higher since its initial May capitulation.

There was one fakeout above the range in Mid-November where WOO was unable to sustain a price over $1.37 due to a crashing Bitcoin price. However, the market is positioned in a much different place contextually as WOO approaches all-time highs again. Now that Bitcoin has spent several weeks finding a bottom, I think WOO has much higher potential to sustain its next run, assuming that BTC can also find its way out from bear territory.

The post Binance Invests $12 Million In WOO Network appeared first on CryptosRus.