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Altcoins
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January 4, 2022

Exchange Token Soars 28% After Crypto Giant Binance Announces Eight-Figure Investment

By Daily Hodl Staff

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).

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“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.”

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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