BitTorrent (BTT) Injects Funds Into WOO Network For DeFi Development In BTTC

BitTorrent collaborates with WOO Network (Cryptonewsz)

JAKARTA – BitTorrent (BTT) reportedly announced the completion of its first investment into the WOO Network in its Series A round. This was announced on November 9, 2021. The round was led by Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital and Crypto.com Capital and a number of other strategic partners.

In this case, BitTorrent is the latest name to join the list. BTT offers strategic advice on growth and market entry strategies.

According to The Daily Hodl, BitTorrent and WOO Network will collaborate on various initiatives, such as on-site liquidity CeFi and DeFi and on the recently launched BitTorrent Chain (BTTC). Launched on November 4, 2021, BTTC is the first heterogeneous cross-chain interoperability scaling protocol in the TRON ecosystem.

BTTC will support and be compatible with TRON, Ethereum, and Binance Smart Chain (BSC) upon release. Users will be able to transfer key assets between TRON, Ethereum and BSC in a decentralized manner without any restrictions.

“We are excited to welcome WOO Network as one of the early ecosystem participants in the BitTorrent chain. We believe in supporting innovative ideas and through this investment hope to support the WOO Network in providing accessible democratization network agnostic liquidity,” said Steve Liu, CEO of BitTorrent.

WOO Network as a liquidity provider platform, collaboration with BTTC is the right step for the company. Because BTTC has experience in working on blockchains including BSC and Ethereum.

In November, WOO Network launched WOOFi Swap, a decentralized exchange that uses granular market data to simulate liquidity from their on-chain centralized order book. The WOO and BitTorrent networks will explore opportunities to deploy similar products on BTTC, leveraging throughput, speed and low transaction fees to offer traders a better experience.

“Few companies in this space have the reach, experience and resources that BitTorrent has. This is one of the main reasons we believe in BitTorrent Chain to build a strong network and why we want to take part in their joint development. This partnership has the potential to open a new audience of merchants and users to the WOO Network's product suite,” said Ran Yi, head of ecosystem development at WOO Network.

Reportedly WOO Network will open a regional R&D office in Warsaw, Poland. Part of the cash injection will be allocated for the development of new product lines including futures trading, DeFi and others.

For information, founded in 2004, BitTorrent is one of the largest decentralized peer-to-peer networks in the world, with nearly 100 million active users driving 22% of upstream traffic and 3% of downstream traffic globally. BitTorrent was acquired by Tron (TRX) founder Justin Sun in July 2018.

WOO Network is a liquidity network that connects traders, exchanges, institutions and DeFi platforms with democratic access to liquidity and best-in-class trade execution at lower or zero fees.

Its flagship product, WOO X, is a professional trading platform featuring customizable modules and lower to zero fees, complete with deep liquidity. WOO Network was incubated by Kronos Research, a quantitative trading firm that generates between $5-10 billion in daily volume.