Cryptocurrency exchange WOO X announced the completion of US$9 million in strategic financing, all from WOO Efficient Frontier, Amber and Riverside Hedge. The main purpose of this strategic financing is to further strengthen the cooperation between market makers and WOO X and improve its liquidity.
WOO co-founder Jack Tan said the new financing will be mainly used for global market expansion, reinvesting in improving its product suite, obtaining regulatory licenses in key markets, and aggressive marketing to increase its market share in CeFi. He emphasized that the main purpose of the plan is to coordinate the interests of liquidity providers rather than to raise funds, since the total amount is less than a quarter of the Series A financing. He also noted that the only participants in the round will be market makers, who will help increase WOO X’s liquidity rather than acting as a traditional venture capital fund.