WOO Network Bags Series A Funding of $30 Million Amid Growing Crypto Culture

The crypto exchange plans on using the funds to establish a research and development facility in Poland.

By Radhika Parashar | Updated: 10 November 2021 19:06 IST

Highlights

WOO Network has secured $30 million (roughly Rs. 223 crore) in funding
Around 15 investors participated in the Series A funding round
Several NFT and crypto exchanges have secured funding recently

WOO Network Bags Series A Funding of $30 Million Amid Growing Crypto Culture

An estimated 504 cryptocurrency exchanges exist as of now

Crypto space is expanding at a brisk pace and more crypto exchange platforms are trying to establish themselves in the market early on. In a Series A funding round, crypto exchange platform WOO Network has bagged $30 million (roughly Rs. 223 crore) from various investors, including major Singapore-based investment firm Three Arrows Capital. A total of fourteen other venture capital firms participated in the round. The crypto startup WOO claims to offer deep liquidity and zero-fee trading to users on its crypto exchange.

The development comes after the company's daily trading value grew by $20 million (roughly Rs. 148 crore) in early 2020 to an all-time high of $2.6 billion (roughly Rs. 19,330 crore) in mid-September, as per CoinDesk.

WOO Network shared the news about successfully closing its fresh funding round on Twitter.

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Series A completed ✅

After $WOO Network's tremendous growth in 2021, a larger group of strategic backers are set to join us on this journey to mass adoption. Thanks to these partners and investors, our vision is larger and more attainable than ever. https://t.co/kiUvl9LjV5 pic.twitter.com/8wIifkJs5p
— WOO Network (@WOOnetwork) November 9, 2021

The crypto exchange plans on using the funds to establish a research and development facility in Warsaw, Poland.

In October, US-based non-fungible token (NFT) company called Candy Digital secured $100 million (roughly Rs. 747 crore) in a Series A funding round. NFTs are digital collectibles inspired by real life items including games, artwork, and songs among other things.

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Mojito, a tech-suite enabling the creation of NFT marketplaces also secured an investment of $20 million (roughly Rs. 150 crore) in a fresh funding round recently.

The crypto market is witnessing a rapid expansion on an international level. Earlier this week, the overall valuation of the crypto market reached the $3 trillion (roughly Rs. 2,22,79,296 crore) mark, as per market research tracker, CoinGecko.

As per a report by Cryptimi, an estimated 504 cryptocurrency exchanges currently exist, out of which 259 are tracked on CoinMarketCap with others bring early startups.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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