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With the help of both current and future market makers on its WOO X exchange, Woo Network has successfully concluded a $9 million investment round, demonstrating its dedication to improving liquidity. The financing is intended to drive increases in liquidity throughout the platform’s many marketplaces.
Woo Co-founder Jack Tan recently shared his joy in an announcement regarding the improved partnership with market makers on WOO X. The co-founder emphasized the importance of the $9 million investment, stating, “These leading market makers have collectively contributed $9 million in funding, underscoring their confidence in our platform.”
Wintermute and Amber, along with other prominent liquidity providers, actively participated in this funding round, showcasing the diverse support from the market.
Tan outlined the strategic vision for Woo Network, anticipating a substantial improvement in liquidity on WOO X in the upcoming months. The initial focus will be on BTC and ETH perpetual futures markets, with subsequent expansion into altcoin perpetual futures and all spot markets. This marks a significant shift from the previous model, where Woo X relied on a single liquidity provider – Kronos Research.
The raised funds are earmarked for multifaceted purposes, including global expansion, product development, and regulatory compliance. Tan emphasized Woo’s commitment to prioritize the interests of liquidity providers over capital raising. The approach centers on encouraging market makers’ active participation, diverging from the traditional venture capitalist model.
“We plan to use the funds judiciously to ensure Woo’s global footprint expands, our product offerings evolve, and we remain steadfast in complying with regulatory standards,” remarked Tan.
Woo Network raised $30 million in its Series A closing in 2021, which made headlines. This investment round comes after that. In October of same year, Woo Network made a calculated decision to repurchase its tokens and shares from Three Arrows Capital, a company involved in the Series A round, through bankruptcy.
Woo Network’s current fundraising essentially signifies a turning point in the company’s history and a dedication to improving liquidity, expanding internationally, and implementing cutting-edge market strategies.