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

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.

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.

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.