One exchange altcoin is enjoying big intraday gains after a sizeable long-term investment from crypto behemoth Binance.
Today, Binance Labs announced a $12,000,000 investment in the WOO Network (WOO).
“Binance Labs invested $12 million in WOO Network as the two parties expand their long-standing relationship.
The investment will support WOO Network’s rapid expansion through talent acquisition, research and development, and the development of new decentralized products.”
Binance Lab’s eight-figure investment in the liquidity provider follows WOO’s $30,000,000 fundraising round in November 2021.
“WOO Network’s Series A+ fundraising round comes on the heels of their $30m Series A announced in November, headlined by strategic partners such as Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, Avalanche, and BitTorrent.”
Founded by the team behind the Kronos Blockchain, WOO Network (WOO) is a decentralized Fintech startup with built-in deflationary measures that aims to bring zero-fee cryptocurrency transactions to crypto trading.
According to the Binance statement, the WOO Network “provides active liquidity to 40+ institutions, exchanges, trading teams, wallets, and decentralized applications.”
WOO, the network’s native ERC-20 utility token, is used for staking and transaction fee discounts.
WOO enjoyed an approximate 28% price spike in response to the multi-million dollar funding announcement, jumping from $0.91 to a 24-hour high of $1.17.
WOO has since corrected and is currently trading at $1.13, up 21.22% in the last 24 hours.
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Featured Image: Shutterstock/Tithi Luadthong/LongQuattro