WOO unveils innovation hub focused on Bitcoin’s ecosystem – CoinJournal

• WOO plans innovation hub expansion to bolster Bitcoin’s ecosystem
• The new initiative will focus on projects bringing Bitcoin Layer-2s, RWA, DeFi, AI and DePIN to the Bitcoin ecosystem.

WOO has announced plans aimed at using its innovation hub and the WOO token to power the next growth chapter for the Bitcoin (BTC) ecosystem.

WOO, which features a top CEX platform WOO X and top DEX platform WOOFi, revealed its latest initiative at Token2049 week in Dubai.

What are WOO’s plans to bolster BTC ecosystem?

According to a recently published announcement, WOO’s Europe-based innovation center will be expanded to tap into the native WOO token’s potential in driving the new era of decentralized projects on Bitcoin.

We’re excited to expand our innovation hub to vastly increase the number of WOO-aligned products in the coming months.

Expect greater alignment with high-potential projects under verticals such as RWA, AI, DePIN, and the emerging BTC ecosystem:

— WOO (@WOO_ecosystem) April 16, 2024

WOO’s strategic plans will initially target new growth verticals such as artificial intelligence (AI), Bitcoin L2s,  Real World Assets (RWA), Decentralized Physical Infrastructure Networks (DePIN) and DeFi within the BTC ecosystem.

The project’s goal is to ramp up WOO-aligned products across these verticals, with development focused on leveraging the WOO token. Projects will receive grants among other support, to work on these objectives, Ben Yorke, VP of Ecosystem, said in a statement.

“Our ecosystem can provide resources, such as access to liquidity, market makers, users, and partners, which will create a powerful flywheel effect as more high-quality builders become aligned with WOO,” Yorke noted.

Projects or teams that join the WOO Innovation hub will be selected on the basis of their commitment to AI, RWA, DeFi, and BTC L2 innovation. The criteria will also include their capacity and ability to integrate the WOO token, Yorke added.

The Bitcoin ecosystem has attracted a lot of developer attention in recent months, with innovative projects looking to tap into the top blockchain network’s security and traction. Experts have also opined that the burgeoning BTC L2 ecosystem could be a huge market in coming years.

As well as the highlighted sectors, there’s gaming and NFTs, the latter seeing great developments since the launch of Bitcoin Ordinals.