DWF Labs allocates $15 million to help troubled protocols via Binance's Web3 recovery initiative
As a result of the recent turmoil in the cryptocurrency market caused by the failure of the FTX crypto exchange, several projects have taken a significant blow.
In response, DWF Labs, a market maker that offers liquidity to cryptocurrency projects, along with Binance Labs funds are assisting those iniatives that are struggling .
Notably, DWF Labs has provided an initial sum of $15 million to assist troubled protocols as part of the Web3 Industry Recovery Initiative (IRI) being led by Binance Labs, according to information obtained by Finbold through Etherscan data.
DWF Labs commented on November 29:
“In line with our commitment to support the recovery of the Web3 industry, DWF Labs has allocated an initial $15m to support distressed protocols through the Binance Labs’ Web3 Industry Recovery Initiative.”
The market maker added:
“We believe that it is paramount to support builders in this challenging time, and we remain committed to providing financial support to the most promising and highest-quality companies that need it most.”
Thank you for your support on IRI @DwfLabs ! 🦾 #Binance— Binance Labs Fund (@BinanceLabs) November 29, 2022
If you’re interested in joining, to apply or provide support, reach out to us 🔗 https://t.co/RNqRgVmNDu https://t.co/KwNGx8LvsZ
DWF fills the void 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 behind in the cryptocurrency space to support troubled protocols that are feeling the effects of Alameda and FTXs collapse.
Besides the $15 million, on November 17, DWF Labs announced their cooperation with The Open Network (TON) foundation. This move is expected to contribute to the acceleration of the expansion of TON’s decentralized ecosystem, with DWF Labs committing a $10 million investment towards the TON project, a part of the market maker’s efforts to encourage new and upcoming Web3 developments.
DWF Labs will provide strategic help in other critical growth areas, including the construction of a market, listing on exchanges, and the production of tokens, in addition to the money infusion that will be made.
The partnership between DWF Labs and TON comes at an opportune moment, as Web3 initiatives are gaining popularity in investing circles across various areas, including conventional financial markets and the cryptocurrency world.
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