Binance Lab Investment Puts WOO Network back on the Map
What is WOO Network?
WOO Network (WOO) bridges CeFi and DeFi, delivering a trading platform with low to zero-fee trading. The platform caters for both retail and institutional clients, delivering “best-in-class” liquidity.
Key components of the platform include WOOX, WOOTRADE, and WOOFi.
- WOOX: The WOO trading platform, delivering professional and institutional traders with deep liquidity and lower to zero-fee trading.
- WOOTRADE: Supports institutional clients by giving access to network liquidity.
- WOOFi: Decentralized exchange providing swap prices and reduced slippage at lower fees.
Launched in October 2020, 3 billion WOO tokens were created at genesis, 10% of which were sold in private and public sales. WOO Network (WOO) set aside 50% of the tokens to support the WOO ecosystem.
Binance Invests in WOO Network
This morning, Binance Lab became a lead investor in WOO Network (WOO), with a $12m investment.
According to the Binance Blog, the investment will “support WOO Network’s (WOO) rapid expansion through talent acquisition, research, and development”. Additionally, the investment will support the development of new decentralized products.
Since 2021, WOO Network (WOO) has provided liquidity on Binance Smart Chain by way of WOOFi products.
WOO Network (WOO) Price Action
At the time of writing, WOO was up by 10.7% to 1.2369USDT. The early morning rally comes off the back of a 16.6% breakout on Tuesday.
On 15th November, WOO had struck an ATH 1.7889USDT before falling back to sub-0.60USDT levels. The Series A and A+ fund raising rounds have delivered strong support, however, leading to a return to 1.20USDT levels.
Having broken out from December’s high 1.1400USDT, WOO should have a free run at November’s ATH. While we can expect plenty of resistance at 1.15USDT levels, WOO Network’s (WOO) partnerships should support fresh highs early in the year.
According to CoinMarketCap, WOO Network (WOO) was ranked at #128 by market cap, at the time of writing, with a market cap of $726m.