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DWF Labs Invests $25M in Privacy Tech Startup Beldex

source-logo  coindesk.com 23 February 2023 14:52, UTC

Beldex, a Web3 ecosystem of decentralized applications that protect user data and identity, has raised $25 million through a new partnership with digital asset market maker and investment firm DWF Labs. The funds will help fuel research and development for the Beldex ecosystem, and DWF will serve as a counselor and help with marketing activities.

“We are excited about Beldex’s ecosystem, which offers scalable and secure decentralized applications prioritizing privacy.” said DWF Labs managing partner Andrei Grachev in the announcement post. “The BDX token is integral to this ecosystem, providing a secure means of payment and incentives for users to contribute. We believe that Beldex’s innovative solutions and focus on privacy and decentralization make it a strong player in the cryptocurrency space.”

The Beldex ecosystem includes private messaging app BChat, decentralized virtual private network (VPN) BelNet, the Web3 browser Beldex and the cross-chain privacy protocol Beldex, which anonymizes cross-chain asset movements.

The funding comes as the crypto winter pushed venture capital investments down 91% year-over-year in January, though infrastructure projects remained relatively strong.

Read more: What Are VCs Funding After FTX? More Decentralized Infrastructure