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Cryptocurrency News Articles
Web3 Market Maker DWF Labs Launches $20M Fund to Back Chinese Web3 Projects
Jul 04, 2024 at 05:35 pm
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.
Web3 market maker and investor DWF Labs has announced the launch of a $20 million fund for Chinese Web3 projects and founders.
The initiative, called the Cloudbreak Fund, will help Web3 projects by giving them a lot of money and other resources to help them grow.
Andrei Grachev, managing partner at DWF Labs, said that the company has been working in Chinese-speaking regions since 2018. He said that projects in these areas have grown "tremendously" in recent months and that the new fund will help them "reach their full potential."
Gachev also said that Cloubreak is starting at the same time as a downturn in the market, which will "reinvigorate projects" by making them more able and willing to "continue building."
The fund will put a lot of money into different sectors, like Layer-1/Layer-2, memecoins, derivatives, Social Finance (SocialFi), gaming finance (GameFi), and AI projects.
Projects in these sectors are being asked to apply for the fund.
The market maker has a good history of making investments to help Web3 grow.
The company recently led a $5 million investment round in the Milady meme coin project. DropsTab, a platform for cryptocurrency information, was backed by DWF Labs in May.
It has also helped well-known blockchain networks like the Telegram Open Network (TON) and, most recently, given money to integrate cryptocurrency custodian Fireblocks.
In the recent announcement, DWF Labs said that it has a partner network of over 700 projects. It was also named the best liquidity provider by crypto exchange Bybit in 2024.
The company now thinks it can help projects that work with asset tokenization very well.
Even though DWF Labs has been in the investment world for a long time, it recently became the center of a fight with Binance, a crypto exchange.
The investigative team of the crypto exchange said in May that DWF Labs was involved in market manipulation. The complaint said that the market maker made the trading volume on some exchanges look bigger than it really was.
DWF Labs said that the claims were not true and that they had no basis.
But this wasn't the only time DWF got in trouble. Nay, a crypto commentator, said in April 2023 that the market maker sold $65 million worth of tokens from projects it had invested in.
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