Global market making firm and VC conglomerate DWF Labs highlights its commitment to advancing Web3 through massive support of Binance’s initiative designed to support those most affected by the recent CEX crashes.

DWF Labs supports Binance’s Industry Recovery Initiative with $15 million in funding

According to the official announcement shared by DWF Labs on its social media accounts, it has decided to support Binance’s main Web3 support program, Industry Recovery Initiative. The net amount of support provided amounts to $15,000,000 in equivalent.

Consistent with our commitment to support the recovery of the Web3 industry, DWF Labs is making an initial commitment of $15 million to support distressed protocols through the @binance IRF (@BinanceLabs).

— DWF Laboratories (@DwfLabs) November 29, 2022

DWF Labs funds will go towards supporting all entrepreneurs and investors affected by the series of centralized cryptocurrency platform collapses, including Voyager, FTX, Alameda Research, BlockFi, etc.

DWF Labs transferred the entire sum into Binance USD (BUSD), a USD-pegged core stablecoin of Binance’s multi-product cryptocurrency (BNB) ecosystem.

In their statement, the DWF Labs team highlighted their commitment to advancing the Web3 revolution, its most promising and sophisticated protocols:

We believe it is paramount to support builders in this challenging time. We are committed to providing financial support to the highest quality and most promising businesses that need it most.

On November 24, 2022, Binance CEO Changpeng “CZ” Zhao announced the launch of a $1 billion fund, the Industry Recovery Initiative (IRI), designed to address “consumer protection and the reconstruction of the industry”.

DWF Labs injects liquidity into The Open Network (TON) ecosystem

The Binance (BNB) team, the world’s largest multi-product and cryptocurrency exchange ecosystem for individuals and businesses, welcomed the collaboration with DWF Labs:

Thank you for your support at IRI, @DwfLab #Binance.

DWF Labs also provided funding to one of the leading third-generation blockchains, The Open Network (TON). In that case, DWF Labs supported TON with $10 million in cryptocurrency.

As previously covered by U.Today, DWF Labs recently opened an office in South Korea to highlight its focus on expanding into the Asian region.

After Switzerland, Singapore, Dubai and the British Virgin Islands, the Seoul office becomes the fifth location for DWF Labs.