Woo Exchange Secures $9 Million in Funding for Liquidity Enhancement
The crypto exchange Woo has recently raised $9 million in a funding round to improve liquidity on its platform. The funding came from existing and potential market makers on the trading platform.
Woo’s Collaboration with Market Makers
Woo Co-founder Jack Tan expressed excitement about the extended collaboration with market makers on WOO X. He emphasized that the $9 million funding demonstrates their confidence in the platform. Tan expects a substantial improvement in liquidity on WOO X, starting with BTC and ETH perpetual futures markets, and expanding to altcoin perpetual futures and spot markets.
Diverse Contributors in Funding Round
Prominent liquidity providers like Wintermute and Amber participated in the funding round, showcasing a diverse range of contributors beyond individual market makers. This diversity has already contributed to diversifying WOO X’s liquidity source.
Expansion, Development, and Compliance
The raised funds will be allocated towards global expansion, product development, and regulatory compliance. Woo Exchange prioritizes the interests of liquidity providers over capital raising and aims to actively involve market makers rather than relying on venture capitalists. The company previously closed a $30 million Series A round and plans to establish an R&D office in Warsaw, Poland.
Temporary Suspension of Trading and Resumption
In November 2023, WOO X temporarily suspended trading after a security breach experienced by Kronos Research, its single liquidity provider at the time. However, trading resumed within one day, and no client funds were lost as a result of the breach.
Hot Take: Woo Exchange Raises $9 Million to Boost Liquidity
Crypto exchange Woo has successfully raised $9 million in funding to enhance liquidity on its platform. With the participation of various market makers, Woo aims to improve liquidity substantially in the coming months. The funds will also be utilized for global expansion, product development, and regulatory compliance. Woo Exchange prioritizes market makers’ active participation and plans to eliminate the clause that permits lending clients’ assets to market makers. This funding round follows Woo Network’s previous successful Series A round and showcases the company’s commitment to providing a secure and liquid trading environment for its users.
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