Woo Raises $9M to Boost Liquidity of WOO X Exchange

Woo announced that it had closed a $9 million round from a number of current and future market makers on the platform in order to improve liquidity on its WOO X exchange.

“We are thrilled to share the expanded relationship of market makers on WOO X following the launch of our DMM program in August last year. Notably, these leading market makers have collectively contributed $9 million in funding, underscoring their confidence in our platform,” Woo Co-founder Jack Tan said in a release.

“We anticipate liquidity on WOO X to improve substantially in the next few months, starting with BTC and ETH perpetual futures markets and expanding into altcoin perpetual futures and all spot markets,” he continued. Participants in the raise include Wintermute and Amber, in addition to other notable liquidity providers.

In the third quarter of last year, WOO X said it had shifted from a single liquidity provider – Kronos Research – to a diverse ecosystem and plans to launch a designated market maker (DMM) program for spot markets in the first quarter of 2024.

Tan said that Woo plans to use the funds for global expansion, product development, and regulatory compliance, as well as ensuring the exchange prioritizes liquidity provider interests over capital raising, focusing on market makers’ participation rather than traditional venture capitalists.

In 2021, Woo Network closed a $30 Million Series A. In October of last year, it bought back its shares and tokens from the bankruptcy estate of Three Arrows Capital, which participated in Series A.