Decentralized liquidity provider (DeFi) Woo Network secured additional funds as part of its Series A funding round.

The Woo Network, set up by the large quantitative company Kronos Research, has poured an additional $ 12 million into a strategic investment in Binance Labs’ A + Series A + funding round. The new funding announced by Binance Labs on Tuesday is based on a $ 30 million Series A funding round from Woo Network.

The Woo network is known for providing liquidity to institutions, exchanges, trading teams, wallets, and decentralized applications. DYdX, Matcha, ParaSwap, 1 inch and Dodo are the main protocols supported by the DeFi platform. Woo claims to offer cheap liquidity through its algorithmic pooling and trading methods. Clients looking to increase liquidity can use the proprietary web API or the Woo X trading interface.

This announcement underlines that Woo Network began providing liquidity to the Binance Smart Chain (BSC) last year.

Ran Yi, head of development for the Woo Network ecosystem, noted that Binance has the highest concentration of volume and users. “The ability to formalize our relationship with Binance will allow us to quickly accelerate our growth by working more closely with Binance across all of their industry sectors,” he added.

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Binance Labs Chief Investment Officer Peter Ho said the new partnership will expand future collaboration with BSC.

Binance Labs, the venture capitalist and person in charge of the largest cryptocurrency exchange by volume, completed a series of investment deals in the DeFi ecosystem in 2021, including a $ 2.4 million funding round for the Polkadot-powered Plasm Network, raising $ 60. Millions of dollars in funding for a multi-chain protocol.

Source: CoinTelegraph