The cryptocurrency industry has continued to advance as participating companies gears towards improvements and new products. Likewise, the competition in the industry gets stiffened as new entities enter the market with a whole new motivation. This is similarly the case for Wootrade, an institutional-focused crypto assets platform, which concluded an investment round to boost its services.
Wootrade concludes $10 million investment round
Wootrade is a digital asset liquidity pool based in Taiwan. According to a report on Thursday, it concluded a private fundraising round, wherein it garnered about $10 million to boost its workforce as well as introduce new digital currency services, including futures products. The investment round gained the participation of notable companies such as the DeFi Capital’s venture wing, Haskey Capital, including the Three Arrows Capital.
The fundraising round was, however, dominated by Dragonfly Capital, an investment banking company that is headquartered in Charlotte. While the fund-raised is aimed at boosting the platform’s operations, it’s to be noted that Wootrade is still running in a closed beta, per the report. However, the trading platform sees a huge spot volume for crypto-assets, with about 12 institutional clients.
How Wootrade intends to beat major exchanges
In addition to debuting crypto futures trading support, Wootrade disclosed its intentions to release a native cryptocurrency dubbed ‘WOO,’ which will also serve as the platform’s governance token. For a start, the trading platform is looking to distribute the tokens to the customers via a retroactive activity.
This token distribution model is quite the same pattern used for the Uniswap airdrop, whereby the long-existing users on the platform are rewarded, rather than new users who joined at a certain time probably to receive the tokens. According to the founder of Wootrade, Jack Tan, this model will ensure that the WOO tokens will be distributed to the customers who should really receive them.
On these services to be launched, Wootrade claimed that its liquidity would exceed that of major cryptocurrency exchanges, even Binance, as it prepares for launch in the next year.