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 Web3-focused investment firm DWF Labs has announced the creation of the Cloudbreak Fund, a $20 million initiative aimed at supporting innovative projects and founders in Chinese-speaking regions.
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According to a<a href="https://www.dwf-labs.com/news/367-dwf-labs-launches-20-million-cloudbreak-fund-to-support-outstanding-web3-projects-in-chinese-speaking-regions" rel="noopener noreferrer nofollow"> recent press release,</a> the fund will focus on cutting-edge areas, including GameFi, SocialFi, Memecoins, Derivatives, Layer 1/Layer two infrastructure, and AI projects.
Andrei Grachev, Managing Partner at DWF Labs, emphasized the company’s long-standing collaboration with founders in Chinese-speaking regions since 2018. He praised their culture and strong work ethic and acknowledged the remarkable growth these regions have experienced.
Grachev, however, emphasized the need for dedicated support to unlock the full potential of emerging projects and noted that the Cloudbreak Fund was established precisely to meet this requirement.
This development is the latest in a string of moves by the investment firm in Web3 and the crypto sector, particularly in the Middle East and North African (MENA) region.
In April 2024, DWF Labs<a style="color: #0000ff;" href="https://www.dwf-labs.com/news/361-dwf-labs-renews-collaboration-with-dmcc-to-propel-mena-blockchain-ecosystem-forward" rel="noopener noreferrer nofollow"> partnered</a> with DMCC, Dubai’s flagship free zone authority, to launch a $5 million growth platform to foster the development of Web3 and blockchain businesses in the region. At the time, the firm claimed the fund would focus on “supporting early-stage startups and providing access to global venture capital.”
Also, the firm recently<a style="color: #0000ff;" href="https://defi-planet.com/2024/06/milady-memecoin-project-secures-5-million-investment-from-dwf-labs/" rel="noopener noreferrer nofollow"> invested</a> $5 million in the Milady memecoin project to support its expansion and market presence.
Meanwhile, DWF Labs is currently embroiled in a controversy involving the world’s largest crypto exchange, Binance. In May 2024, Binance<a style="color: #0000ff;" href="https://www.wsj.com/finance/currencies/binance-investigation-suspicious-trading-dwf-5f481f9d" rel="noopener noreferrer nofollow"> reportedly</a> accused the market maker of market manipulation,<a style="color: #0000ff;" href="https://defi-planet.com/2024/05/dwf-labs-rejects-300m-wash-trading-allegations-on-binance-calls-claims-unfounded/" rel="noopener noreferrer nofollow"> allegations which DWF Labs swiftly denied</a>. The company asserted that these claims distorted facts and lacked solid evidence, emphasizing its dedication to the principles of the crypto movement.
This accusation came in the wake of Binance’s internal investigation, which reportedly uncovered fictitious trading activities by DWF Labs. The investigation was part of Binance’s efforts to enhance its platform’s security and reliability following a<a style="color: #0000ff;" href="https://defi-planet.com/2024/07/binance-us-gears-up-for-prolonged-court-fight-following-judges-decision-on-sec-case/" rel="noopener noreferrer nofollow"> 2023 lawsuit by the U.S. SEC</a> against the exchange and its founder, Changpeng Zhao.
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The post <a href="https://defi-planet.com/2024/07/dwf-labs-launches-20m-cloudbreak-fund-to-boost-web3-innovation-in-chinese-speaking-regions/" rel="noopener noreferrer nofollow">DWF Labs Launches $20M Cloudbreak Fund to Boost Web3 Innovation in Chinese-Speaking Regions</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

DWF Labs Launches $20M Cloudbreak Fund to Boost Web3 Innovation in Chinese-Speaking Regions

DeFi Planet

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