- BitTorrent completes initial investment in WOO Network.
- The investment is part of $30M Series A Round.
- The partnership aims to work on the liquidity in CeFi and DeFi venues and BTTC.
BitTorrent, one of the largest decentralized P2P networks in the world, has completed its initial investment into the WOO Network as part of the $30M Series A round, announced November 9.
WOO intends to use the investment to speed up its global expansion through talent acquisition and setting up a new R&D regional office in Warsaw, Poland. It will also allocate a budget for the development of new product lines like social trading, futures, yield-generating products, and innovative DeFi trading.
Three Arrows Capital, Gate Ventures, PSP Soteria Ventures, Crypto.com Capital, and QCP Capital, together with other strategic partners, led the said round. Meanwhile, BitTorrent is the latest addition to the growing list and provides strategic advice on growth and market strategies.
With this partnership, BitTorrent and WOO Network will be working together on different goals like liquidity in DeFi and CeFi venues and on the freshly launched BitTorrent Chain (BTTC).
BTTC was launched on November 4 and is the first heterogeneous cross-chain interoperability scaling protocol in the TRON ecosystem. It will support and be compatible with Ethereum, BCS, and TRON upon its release. Likewise, users can transfer mainstream assets among these networks in a decentralized, unlimited manner.
Furthermore, WOO Network has already experienced working with other blockchains such as Ethereum and BSC. Just last November, it launched WOOFi Swap–“a DEX that uses granular market data to simulate the liquidity from their centralized order book on-chain.” Meanwhile, Steve Liu, CEO of BitTorrent, expressed his excitement about the partnership:
We are thrilled to welcome WOO Network as one of the initial ecosystem participants on the BitTorrent Chain. We believe in supporting innovative ideas and through this investment look forward to supporting the WOO Network in providing accessible democratized network-agnostic liquidity.
Similarly, Ran Yi, the Chief of Ecosystem Development at WOO Network also explained:
Few companies in this space have the reach, experience, and resources that BitTorrent has. This is one of the key reasons we are confident in BitTorrent Chain to build a robust network and why we are eager to take part in developing along with them. This partnership has the potential to open up a whole new audience of traders and users to the WOO Network suite of products.