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Web3 market maker and investor DWF Labs continues to initiate strategic investments, this time launching a $20 million fund for Chinese web3 projects and founders.
Dubbed <a href="https://dwf-labs.com/contact/cloudbreak" target="_blank" rel="noopener noreferrer nofollow">the Cloudbreak Fund</a>, the initiative will aid web3 projects by offering substantial investments and necessary resources to boost development.
According to DWF Labs managing partner Andrei Grachev, the firm has been working in Chinese-speaking regions since 2018. <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" target="_blank" rel="noopener noreferrer nofollow">He stressed</a> that projects in these regions have witnessed “tremendous growth” over the past months, adding that the new fund would help them “realize their full potential.”&nbsp;
Further, Gachev underlined that Cloubreak’s launch came in parallel to a <a href="https://crypto.news/crypto-liquidations-doubled-as-market-cap-fell-to-2-month-low/" rel="noopener noreferrer nofollow">period of market downturn</a> and would “reinvigorate projects” by bolstering their ability and “willingness to continue building.”
The fund focuses on a wide array of sectors, including layer-1/layer-2, memecoins, derivatives, Social Finance (SocialFi), gaming finance (GameFi), and AI projects.&nbsp;
Projects working in these sectors have been urged to apply for the fund.
The market maker has a <a href="https://crypto.news/?s=DWF" rel="noopener noreferrer nofollow">commendable history of investments</a> to solidify development in the Web3 space.
The firm recently led a $5 million investment round in the Milady meme coin project. In May, DWF labs <a href="https://crypto.news/dwf-labs-backs-dropstab-aiming-to-enhance-crypto-data-accessibility/" rel="noopener noreferrer nofollow">backed</a> the cryptocurrency information platform DropsTab.
You might also like: <a href="https://crypto.news/dwf-labs-tokenfi-tokens/" rel="noopener noreferrer nofollow"> DWF Labs to acquire $10m in TokenFi tokens over 2 years </a>
It has also backed prominent blockchain networks like the Telegram Open Network (TON) and most recently provided funding to allow for <a href="https://crypto.news/ton-collaboration-fireblocks-dwf-labs/" rel="noopener noreferrer nofollow">the integration</a> of cryptocurrency custodian Fireblocks.
In the recent announcement, DWF Labs noted that it has a partner network of over 700+ projects. It has also been rated as crypto exchange Bybit’s best liquidity provider in 2024.&nbsp;
The firm now believes it is in a prime position to offer its assistance to projects working with asset tokenization.
Despite its deep roots in the investment space, DWF Labs recently found itself in the center of a controversy with crypto exchange Binance.
Back in May,<a href="https://crypto.news/binance-employee-accuses-dwf-labs-of-market-manipulation/" rel="noopener noreferrer nofollow"> the crypto exchange’s investigative team alleged</a> that DWF Labs was involved in market manipulation. The complaint noted that the market maker artificially inflated trading volume on certain exchanges.
DWF labs denied the allegations, calling them unfounded.
However, this wasn’t the only time DWF came under fire. In Apr. 2023, crypto commentator Nay <a href="https://x.com/gmnay_/status/1645426187160924161" target="_blank" rel="noopener noreferrer nofollow">accused the market maker</a> of dumping $65 million worth of tokens in projects it had invested in.
Read more: <a href="https://crypto.news/prom-soars-90-following-dwf-labs-ceo-investment-announcement/" rel="noopener noreferrer nofollow"> PROM soars 90% following DWF Labs’ CEO investment announcement </a>

DWF Labs to back Chinese web3 projects with $20m Cloudbreak fund

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Ďalšie články zverejnené 4. 7. 2024

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