Source: news.google.com
As a result of the recent turmoil in the cryptocurrency market caused by the failure of the FTX cryptocurrency exchange, several projects have taken a significant hit.
In response, DWF Labs, a market maker that provides liquidity to cryptocurrency projects, along with funds from Binance Labs, are helping those initiatives that are struggling.
Notably, DWF Labs has provided an initial sum of $15 million to help troubled protocols as part of the Binance Labs-led Web3 Industry Recovery Initiative (IRI), according to information obtained by Finbold through the reports. etherscan data. On November 29, DWF Labs commented:
“In keeping with our commitment to support the recovery of the Web3 industry, DWF Labs has allocated an initial $15 million to support distressed protocols through the Binance Labs Web3 Industry Recovery Initiative.”
The market maker added:
“We believe it is paramount to support builders at this difficult time, and we remain committed to providing financial support to the highest quality and most promising businesses that need it most.”
DWF fills the gap in the crypto space
The IRI is a new co-investment opportunity for organizations eager to support the future of Web3. DWF Labs, in particular, is looking to help fill the void left in the cryptocurrency space to support problematic protocols that are feeling the effects of the Alameda and FTX collapse.
In addition to the $15 million, on November 17, DWF Labs announced its cooperation with The Open Network (TON) foundation. This move is expected to contribute to the acceleration of the expansion of the decentralized TON ecosystem, with DWF Labs committing a $10 million investment to the TON project, a part of the market maker’s efforts to encourage new and future developments of TON. Web3.
DWF Labs will provide strategic help in other critical growth areas, including building a market, listing, and token production, in addition to the cash injection to come.
The partnership between DWF Labs and TON comes at an opportune time, as Web3 initiatives are gaining popularity in investment circles in various areas, including mainstream financial markets and the world of cryptocurrencies.
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