Crypto exchange WOO Network has experienced tremendous growth since the year began and the platform has announced more expansion following the recent cash injection. WOO Network recently completed its $30M Series A funding with support from various groups including Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, and Crypto.com Capital.
AscendEX, AntAlpha, MEXC Global, LBank, Fenbushi Capital, BitMart, 3Commas Capital, TokenInsight Research, AVATAR (Avalanche Asia Star Fund), and ViaBTC Capital were among the investors in the round, which included trading institutions, exchanges, venture funds, and research organizations.
The fundraising round was oversubscribed by 200% and comes after the network announced the launch of WOO X, a unique trading platform that supplies trades with top market liquidity at reduced or no trading fees. Also, WOO recently launched a decentralized exchange platform, WOOFi, which provides the best swap price and lower slippage at reduced fees.
The latest fundraise shows the ambition of the network to expand and become a key player and also demonstrates rising institutional trust in the network and the significant value it adds to the cryptocurrency trading market. According to reports, daily trading volume on WOO platforms has grown from $20 million in early 2020 to an all-time high of $2.6 billion in mid-September.
Reaction from Investors
Darius Sit – Founder and Chief Investment Officer at QCP Capital praised the achievements of WOO X in the little since it was launched and expressed his delight at the future trading release and development. He said, “It is remarkable what WOO X was able to achieve shortly after its launch – top trading experience by combining the best of market depths, trading spreads, and competitive trading fees. We look forward to their upcoming futures trading release, guiding their product development with our expertise in spot, derivatives, and options trading and helping them to grow into the ultimate trading platform they envision to be.”
Reacting to the recent fundraising, Su Zhu – Co-Founder at Three Arrows Capital sounded positive with the launch of WOO X. He said, “While the exchange landscape is growing more competitive, WOO X is poised to make a mark with its deep liquidity coupled with lower to zero-fee trading – these two propositions are phenomenally useful for institutional and retail traders to achieve superior trading execution.”
The Funds will be Used to Expand the Network
A portion of the new funds will be utilized to expand the company’s global market reach by hiring new personnel and establishing a new R&D regional office in Warsaw, Poland. New product lines like futures, social trading, and a suite of revolutionary DeFi trading and yield producing tools will also receive funding.
Speaking on the use of the newly raised funds, Jack Tan, Co-Founder of WOO Network said, “While WOO X remains the flagship CeFi exchange product of WOO Network, the fundraise allows us to set our sights further and venture deeper into the DeFi space through our suite of swapping and yield-generating products under WOOFi. These efforts will further extend the network’s vision of providing the best-in-class liquidity, trading execution, and yield-generating strategies at lower to no cost across CeFi and DeFi.”