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

The crypto space is growing rapidly and more and more crypto exchange platforms are trying to establish themselves in the market as quickly as possible. In a series of funding rounds, cryptocurrency exchange platform WOO Network raised $30 million (about 223 rupees) from various investors, including Singapore’s leading investment firm Three Arrow Capital.

A total of 14 other venture capital companies took part in this round. Crypto startup WOO claims to provide consumers with deep liquidity and free trading on its crypto exchange.

According to CoinDesk, the company’s daily trading value rose by $20 million (approximately Rs.148) in early 2020 to a record $2.6 billion (approximately Rs.19,330) in mid-September.

Crypto Exchange plans to use the funds to set up a research and development facility in Warsaw, Poland.

In October, US-based Irreplaceable Token (NFT) company Candy Digital provided 100 million (approximately Rs. 747 rupees) in an A-Series fundraiser. NFT is a digital collection inspired by real-world objects, including games and artwork and songs.

Mojito, the technology suite that enables the creation of the NFT marketplace, also recently secured a $20 million investment in a new funding round.

The crypto market is growing rapidly internationally. According to market research tracker CoinGecko, the total value of the crypto market hit $3 trillion earlier this week.

There are currently around 504 cryptocurrency exchanges, 259 of which are tracked on CoinMarketCap, and others are creating early startups, according to Cryptomi.