Woo Secures $9M Funding to Enhance Liquidity on WOO X Exchange

• Woo Closes a $9 Million Funding Round from Market Makers
• Increased Collaboration with Market Makers on WOO X
• Expectation of Liquidity Improvement on WOO X
• Transition to a Diverse Ecosystem
• Use of funds for Expansion, Development, and Compliance
• Woo's Previous Funding and Buyback Initiatives

Woo Closes a $9 Million Funding Round from Market Makers

Woo has disclosed its recent funding round which amassed a total of $9 million. This round attracted several existing and potential market makers who are vested in enhancing liquidity on WOO X's exchange platform.

Increased Collaboration with Market Makers on WOO X

Following the initiation of the DMM program in August of the previous year, the relationship amongst market makers on WOO X has exponentially broadened. Impressively, these top market makers have jointly contributed $9 million, indicating their faith in the platform, as informed by Woo's co-founder, Jack Tan.

Expectation of Liquidity Improvement on WOO X

In the forthcoming months, WOO X foresees a significant liquidity upturn, commencing with BTC and ETH perpetual futures markets and eventually branching out to altcoin perpetual futures and all spot markets. Among the contributors to this capital increase are notable liquidity providers such as Wintermute and Amber.

Transition to a Diverse Ecosystem

In the third quarter of the previous year, WOO X transitioned from a sole liquidity provider - Kronos Research - to a diverse ecosystem. The company disclosed plans to kickstart a designated market maker (DMM) program for spot markets in the opening quarter of 2024.

Use of funds for Expansion, Development, and Compliance

Woo aims to allocate the funds raised towards international expansion, product advancement, and regulatory compliance. The exchange is committed to prioritising the interests of liquidity providers over capital raising, with a primary focus on market makers' involvement instead of traditional venture capitalists.

Woo's Previous Funding and Buyback Initiatives

In 2021, Woo Network successfully concluded a $30 Million$2.35 1.09% Series A funding round. In the subsequent year, it repurchased its shares and tokens from the bankruptcy estate of Three Arrows Capital, a participant in the Series A funding.

Edited by Jonathan Stoker