GEORGE TOWN, Cayman Islands, Nov. 9, 2021 /PRNewswire/ -- WOO Network today announced the completion of its $30M Series A with backing from Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, and Crypto.com Capital. The round saw investors across core pillars in the industry: trading institutions, exchanges, venture funds, and research firms such as AscendEX, AntAlpha, MEXC Global, LBank, Fenbushi Capital, BitMart, 3Commas Capital, TokenInsight Research, AVATAR (Avalanche Asia Star Fund), and ViaBTC Capital.
The strategic equity round, which was oversubscribed by 200%, comes after the successful launch of WOO X, a trading platform that provides traders with top market liquidity at lower to zero trading fees, and the alpha launch of WOOFi, a decentralized exchange platform providing the best possible swap prices and reduced slippage at lower fees.
The fundraise is an attestation of growing institutional confidence towards the network and the immense value it brings to the crypto trading market.
"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." – Su Zhu - Co-Founder at Three Arrows Capital.
"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." – Darius Sit - Founder and Chief Investment Officer at QCP Capital.
Part of the new capital will be used to accelerate global market expansion through talent acquisition and the opening of a new R&D regional office in Warsaw, Poland. Capital will also be allocated towards the development of new product lines such as futures, social trading, and a suite of innovative DeFi trading and yield generating products.
"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.
Since its initial seed funding in 2020, WOO Network has experienced tremendous growth. At any given moment, the network provides one of the highest trading depths of between 250-300 BTC and 2500-3000 ETH on a tight 2% +/- bid/ask spread along with millions of dollars in altcoin liquidity.
In line with deep liquidity, the growth in trading volumes grew significantly from $20m daily in early 2020 to an average of $1B in daily volume in October 2021 and experienced an all-time high of $2.6B in mid-September 2021.
"The liquidity that WOO Network is amassing has only grown deeper, and its volume traded from millions to billions. What they have built is something truly unique in the space -- they are growing to become a liquidity behemoth and a force to be reckoned with across CeFi and DeFi." – Sherwin Lee - General Partner at PSP Soteria Ventures and Founder of De-Fi Capital.
About WOO Network
WOO Network is a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity, trading execution, and yield generation strategies at lower to zero cost. WOO Network was incubated by Kronos Research, a multi-strategy trading firm that specializes in high-frequency trading (HFT), arbitrage, and CTA, averaging around $5-10 billion of daily trading volume on global cryptocurrency exchanges.
Ben Yorke, Marketing VP