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).
“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.”
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.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/LongQuattro