BitTorrent Invests in Woo Network

BitTorrent Chain was launched in November 2019 by the company made famous for its peer-to-peer file sharing application. The chain was the first-ever ethereum compatible application launched on the Tron network. So far BitTorrent has one product, BitSpeed, which has a faster download speed on its torrent application that utilizes tokens. However, after a successful Series A funding round they are looking to expand their services.

BitTorrent’s first action after its successful $30m Series A funding round was to invest in WOO Network. This investment will help BitTorrent increase liquidity on the Networks' centralized and decentralized finance products as well as boost the liquidity for its token, BTT. 

BitTorrent Chain, BTTC, has gained some popularity by being a liquidity provider with cross-chain support. The mainnet launch for BTTC is scheduled for 12 December and will include Tron, Ethereum, and Binance Smart Chain support. WOO has also announced it will soon launch its platform on the popular Avalanche blockchain. This cross-platform liquidity support was one reason why WOO was a great fit for them.

WOO has stated that it will use this investment to help further its global reach, announcing its quest to look for new talent globally, soon to be opening an R&D office in Poland. The network hopes to use this funding to include more features like futures, social trading, and more DeFi products. 

Both WOO and BTT tokens have suffered in recent months, far off from their all-time highs, they will be hoping that a new suit of products will help create further excitement around their cryptocurrencies.

WOO has stated that one product it is looking into, is staking and yield farming options, which are very popular amongst crypto enthusiasts.

WOO is currently sitting at a market capitalization of $600m while BitTorrent Chain has a market capitalization of $3bn. Keep an eye on the Network over the coming months to see what new offers and products they will launch after this investment round.

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Written by Tudor

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