The DeFi boom is still well and truly continuing, with new projects successfully raising more funds to drive expansion in this highly competitive market. DeFi liquidity provider WOO Network is the latest to secure an additional $12 million worth of funding from Binance Labs in its recently concluded Series A+ round.

The strategic investment from the leading crypto exchange’s venture division will allow the DeFi project to continue growing as it did through 2021. WOO Network offers liquidity to several institutions, exchanges, wallets, dApps and more, supporting leading players in the DeFi space, including 1inch, DODO and DYDX.

According to Investment Director at Binance Labs, Peter Huo, “WOO Network adds significant value to the crypto ecosystem by providing deep liquidity and zero-fee trading both on- and off-chain. We are excited to expand our long-lasting relationship and explore further collaborations, especially on BSC.”

Its WOOFi Swap which launched in 2022 provides liquidity to the Binance Smart Chain, leveraging its liquidity network and institutional market making techniques for offering better pricing and lower slippage. Its algorithmic aggregation and trading techniques are said to help WOO Network offer the cheapest liquidity.

The latest round of funds raised come shortly after WOO Network raised $30 million in November 2021 from Three Arrows Capital, Crypto.com Capital, Bittorrent and Avalanche. The previous fundraising round also saw the announcement of its partnership with Bittorrent to provide liquidity to its BittorrentChain.