Woo Network, a George Town, Cayman Islands-based DeFi company, closed a $30M Series A funding round.
Backers included Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, and Crypto.com Capital, as well as AscendEX, AntAlpha, MEXC Global, LBank, Fenbushi Capital, BitMart, 3Commas Capital, TokenInsight Research, AVATAR (Avalanche Asia Star Fund), and ViaBTC Capital.
Part of the new capital will be used to accelerate global market expansion through talent acquisition and the opening of a new R&D regional office in Warsaw, Poland. Capital will also be allocated towards the development of new product lines such as futures, social trading, and a suite of innovative DeFi trading and yield generating products.
Led by Jack Tan, Woo Network is a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms with democratized access to liquidity, trading execution, and yield generation strategies at lower to zero cost. Woo provides a trading platform that gives traders top market liquidity at lower to zero trading fees, and WOOFi, a decentralized exchange platform providing swap prices and reduced slippage at lower fees. The company was incubated by Kronos Research, a multi-strategy trading firm that specializes in high-frequency trading (HFT), arbitrage, and CTA, averaging around $5-10 billion of daily trading volume on global cryptocurrency exchanges.