Decentralized Finance (DeFi) deep liquidity service provider WOO Network has successfully raised $30 million from investors as more hedge funds and ecosystem stakeholders double down on their quest to gain exposure to the growing world crypto.
The official announcement affirmed the funding round was oversubscribed by 200%, and it received staunch backing from Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, and Crypto.com Capital. The WOO Network’s series A also enjoined participation from other investors, including AscendEX, AntAlpha, MEXC Global, LBank, Fenbushi Capital, BitMart, 3Commas Capital, TokenInsight Research, AVATAR (Avalanche Asia Star Fund), and ViaBTC Capital.
Following the capital injection, the startup says it will use the funds to drive its global expansion, build out its products team, and expand its current offerings to its users. As a deep liquidity provider, the startup currently operates WOO X, and WOOFI, both of which it aims to build upon.
“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,” commented Jack Tan, Co-Founder of WOO Network.
The rate at which venture funds are flowing into the digital currency ecosystem reflects the growth and maturity of the crypto ecosystem. The positioning is very clear, and it involves the focus of institutional investors to align with the future potentials of the broader digital currency ecosystem.
Amongst the most prominent funding secured by blockchain and crypto startups in recent months includes OpenSea’s $100 million Series B Funding concluded in July and led by Andreessen Horowitz (a16z). FTX Derivatives Exchange has also pulled about $1.4 billion in funding in the year-to-date period.