Binance Labs has invested $12 million in WOO Network, a liquidity protocol, causing its native tokens to jump more than 10% in 24 hours.
The investment by the world’s largest cryptocurrency exchange follows another $30 million raised by the network in a Series A funding in November last year.
WOO Network supports more than 40 institutions, exchanges, wallets, trading teams, and dApps with liquidity. The protocol’s WOO X integrates zero-fee trading and deep liquidity.
The network started offering liquidity on the Binance Smart Chain in 2021 following the launch of the WOOFi Swap, aimed at cutting slippage and better pricing.
Binance Labs was created in 2017 to target initial-stage investments in the cryptocurrency space. The company has also participated in Series C rounds in firms like Figment.
The WOO network market capitalization was approaching $1 billion at 6.52 AM ET.