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Crypto exchange Woo X raises $9 million to enhance liquidity



Cryptocurrency exchange, Woo X has concluded a $9 million funding round to enhance liquidity on its platform. Notable investors in this round include Wintermute and Amber, among other well-known liquidity providers.

Woo Network is a comprehensive crypto trading platform that aims to provide deep liquidity, low-fee trading, and fully customizable features. It comprises several products, including WOO X, a high-performance centralized trading platform offering superior liquidity, execution, and advanced trading tools for spot and perpetual futures instruments.

Additionally, it has a WOOFi, a decentralized application, that provides various services such as swaps, WOO staking, and yield-generating pools, and is deployed on multiple mainstream networks. The WOO token plays a pivotal role in the WOO ecosystem, offering benefits such as staking and fee discounts.

Woo Network’s mission is to provide the best liquidity on the best terms, and it seeks to connect traders, exchanges, institutions, and DeFi platforms. Recently, Woo Network raised $9 million to enhance the liquidity of its WOO X exchange. 

The network’s dark pool trading platform, Wootrade, caters to institutional clients, allowing them to place trades without immediately revealing their strategy to the public. The WOO token is used for various purposes within the network and has a circulating supply of 1,810,765,119 WOO.

Jack Tan, Co-founder of Woo Network, revealed his excitement about the strengthened relationships with market makers on Woo X following the introduction of the Designated Market Maker (DMM) program in August. This program has attracted leading market makers, who have invested $9 million, demonstrating their confidence in the platform. 

Tan also talked about upcoming enhancements, which include Bitcoin (BTC) and Ethereum (ETH) perpetual futures markets, and expansion to include altcoin perpetual futures and all spot markets.

Yongjin Kim, Co-Founder of Presto Labs, emphasized their shared mission with WOO in meeting user needs, developing innovative technology, and ensuring regulatory compliance for trust and reliability in the virtual asset ecosystem. 

Additionally, Jordi Alexander, CIO of Selini Capital, spoke about deepening their collaboration with WOO, noting its status as a rapidly ascending platform and expressing anticipation for applying their trading expertise to enhance the exchange’s performance in sizable spot markets.

In 2023, WOO achieved notable successes, such as the release of its annual report, showcasing the successful launches of Multi-MM – the inaugural transparent and live balance sheet, WOO Turkey, WOOFI Swap, and the order book dex. 

It also underwent a significant transformation by shifting from dependence on a single liquidity provider, Kronos Research, to the establishment of a more diverse ecosystem.

Read also; Staking platform, Kiln fuels global expansion with $17M funding

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