Key Developments:
- Woo successfully raises $9 million to boost liquidity on its WOO X exchange.
- The funding round includes contributions from Wintermute, Amber, and other prominent market makers.
Woo’s Strategic Funding Move
Yello Paradisers! Woo, a rising player in the cryptocurrency exchange arena, has announced the closure of a $9 million funding round aimed at enhancing the liquidity of its WOO X exchange. This investment, contributed by current and future market makers on the platform, reflects growing confidence in Woo’s capabilities and strategic direction.
Market Makers Rally Behind Woo
The funding round saw participation from notable entities like Wintermute and Amber, among other key liquidity providers. This collective support from leading market makers signifies a strong endorsement of Woo’s vision and the potential of its WOO X exchange.
Jack Tan’s Vision for WOO X
Woo Co-founder Jack Tan expressed excitement about the expanded collaboration with market makers following the launch of their Designated Market Maker (DMM) program last year. “We anticipate a significant improvement in liquidity on WOO X, starting with BTC and ETH perpetual futures markets and eventually expanding to altcoin perpetual futures and all spot markets,” Tan stated.
WOO X’s Diverse Liquidity Ecosystem
In the third quarter of the previous year, WOO X transitioned from relying on a single liquidity provider, Kronos Research, to cultivating a diverse ecosystem of liquidity sources. The platform also plans to introduce a DMM program for spot markets in early 2024.
Utilization of the Raised Funds
The raised capital will be strategically used for global expansion, product development, and regulatory compliance. Tan emphasized that Woo prioritizes the interests of liquidity providers over traditional capital raising methods, focusing on market makers’ participation rather than conventional venture capital approaches.
Woo Network’s Growth Trajectory
In 2021, Woo Network successfully closed a $30 million Series A funding round. In a significant move last October, the network repurchased its shares and tokens from the bankruptcy estate of Three Arrows Capital, a participant in the Series A round, showcasing its resilience and commitment to growth.
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