Woo Raises $9 Million in Funding
Woo has announced the completion of a $9 million funding round with the participation of renowned market makers in the ecosystem, including Wintermute, Selini Capital, Pulsar, Time Research, and Efficient Frontier, to name a few.
The main objective of this funding is to improve liquidity on the centralized exchange (CEX) WOO X, starting with the perpetual futures markets of Bitcoin (BTC) and Ethereum (ETH), and later expanding to other altcoins and all spot markets. Jack Tan, co-founder of Woo, stated, ‘We expect liquidity on WOO X to significantly improve in the coming months.’
Jack Tan also expressed enthusiasm for expanding relationships with market makers, highlighting their trust in the platform. ‘We are excited to share the expanded relationship with market makers on WOO X following the launch of our DMM program in August last year,’ said Jack Tan.
This funding round follows another successful raise of $30 million in a Series A funding earlier this year.
Woo’s International Expansion Strategy
Woo plans to utilize this funding for global expansion, product development, and compliance with various regulations. Notably, the focus is on prioritizing the interests of liquidity providers rather than solely fundraising. The emphasis is on the participation of market makers rather than traditional venture capital investors.
WOOFi DEX Teases Airdrop on its X Account
Although not explicitly mentioned, the decentralized exchange platform WOOFi, powered by Woo Network’s WOO token, has released a short video that appears to be a teaser for a future token distribution. The video also features the logo of Binance, suggesting that WOOFi’s future token will be listed on Binance.
