Around 15 Investors Pour $30 Million in Crypto Exchange WOO Network

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

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

WOO Network shared the news about the successful closing of their new funding round on Twitter.

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

In October, the US-based non-fungible token (NFT) company called Candy Digital raised $ 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 technology suite that enables the creation of NFT markets, also secured an investment of $ 20 million (approximately Rs. 150 crore) in a new round of financing recently.

The cryptocurrency market is experiencing rapid expansion internationally. Earlier this week, the overall valuation of the cryptocurrency market hit the $ 3 trillion mark (roughly Rs. 2,22,79,296 crore), according to the market research tracker, CoinGecko.

According to a report By Cryptimi, there are currently an estimated 504 cryptocurrency exchanges, of which 259 are tracked on CoinMarketCap and others bring in startups.


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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on technology and telecommunications for the last three years and will focus on writing about everything related to cryptocurrencies. In addition to this, she is a huge sitcom nerd and often responds with references to Chandler Bing and Michael Scott. For suggestions or inquiries, you can contact her at RadhikaP@ndtv.com. Plus

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