DeFi liquidity provider WOO Network raises $30 million in Series A round

Venture Capital • November 9, 2021, 2:45PM EST
The Block

The decentralized finance (DeFi) deep liquidity provider WOO Network announced Tuesday that it raised $30 million in Series A.

Three Arrows Capital, PSP, Soteria Ventures, Gate Ventures, QCP Capital, and Crypto.com Capital participated in the round, which drew additional funding from AscendEX, AntAlpha, MEXC Global, LBank, Fenbushi Capital, BitMart, 3Commas Capital, TokenInsight Research, AVATAR and ViaBTC Capital.

The WOO Network intends to use the funds to expand its team and to build out new products related to futures as well as social and DeFi trading. 

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On August 20, the startup launched WOO X, a crypto trading platform that provides deep liquidity for digital assets with zero trading fees. Deep liquidity is when there is a high quantity of buyers and sellers ready to trade in a 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,” said Three Arrows Capital co-founder Su Zhu in a statement. 

In addition to the crypto trading platform, the $30 million Series A funding comes nearly three weeks after WOO Network launched WOOFi Swap, an on-chain market maker that simulates the behavior of centralized exchanges.

The trading firm Kronos Research, which has invested in DeFi projects in the past, incubated WOO Network and acted as the first market maker for WOOFi Swap.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.