Woo Network Secures $9 Million Investment Boost from Leading Market Makers for WOO X Exchange Liquidity Expansion
Crypto News – Woo Network has recently concluded a funding round, securing $9 million from various prominent liquidity providers, including Wintermute and Amber. The primary objective of this funding round is to bolster liquidity on their WOO X exchange platform.
Jack Tan, Co-founder of Woo, expressed his enthusiasm about the strengthened relationship with market makers on WOO X, particularly after the launch of their DMM (Designated Market Maker) program in August of the previous year. Notably, these leading market makers have collectively invested $9 million, a clear testament to their confidence in the platform’s potential.
Looking ahead, Woo anticipates a substantial improvement in liquidity on WOO X over the next few months. The focus will initially be on enhancing liquidity in BTC and ETH perpetual futures markets, with plans to expand into altcoin perpetual futures and all spot markets.
In the third quarter of the preceding year, WOO X transitioned from a single liquidity provider, Kronos Research, to a more diverse ecosystem. Additionally, they have ambitious plans to launch a designated market maker (DMM) program for spot markets in the first quarter of 2024.
Jack Tan outlined the allocation of funds, stating that Woo intends to utilize them for global expansion, product development, and regulatory compliance. Notably, they are committed to prioritizing the interests of liquidity providers over capital raising, with a strong focus on fostering the active participation of market makers, rather than traditional venture capitalists.
It’s worth noting that in 2021, Woo Network successfully closed a Series A funding round, raising $30 million. Furthermore, in October of the previous year, they completed the buyback of shares and tokens previously held by the bankruptcy estate of Three Arrows Capital, a participant in the Series A funding round.
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