Decentralized finance (DeFi) liquidity supplier WOO Community has raised an extra $12 million from a Sequence A+ funding spherical led by Binance Labs, the trade mentioned in a press release on 4 January.
In line with the announcement, Binance’s enterprise capital arm determined to speculate $12 million into the DeFi undertaking by way of the Sequence A+ with the intention to increase their “long-standing relationship”. Again in November, the liquidity supplier closed a $30 million Sequence A funding spherical, which noticed participation from Three Arrows Capital, Crypto.com, Avalanche, and BitTorrent. The pinnacle of investments at Binance Labs, Invoice Chin, mentioned in an announcement:
“Because the main crypto trade globally, Binance appreciates the significance of liquidity platforms and appears ahead to investing in and collaborating with business leaders resembling WOO Community.”
The WOO Community began offering liquidity on the Binance Sensible Chain (BSC) final yr when it launched its WOOFi Swap service, which improves costs and reduces slippage by way of using the liquidity community and institutional market-making methods. The newly acquired $12 million shall be used to assist the event of recent decentralized merchandise, expertise acquisition, analysis, and growth.
WOO Community offers liquidity to greater than 40 establishments, exchanges, wallets, decentralized apps, and buying and selling groups. Whereas the DeFi platform has been supporting the BSC community since 2021, it was incubated in 2019 and offers liquidity to a number of massive title networks, particularly 1inch, ParaSwap, Dodo, and DYDX.