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.
Series A completed ✅
After $ WOO The tremendous growth of Network in 2021, a larger group of strategic backers will join us on this journey towards mass adoption. Thanks to these partners and investors, our vision is broader and more achievable than ever. https://t.co/kiUvl9LjV5 pic.twitter.com/8wIifkJs5p
– WOO Network (@WOOnetwork) November 9, 2021
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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