DWF Labs Allocates $15 Million for Binance Labs' Web3 Industry Recovery Initiative
Global market-making firm and VC conglomerate DWF Labs highlights its commitment to Web3 progress via massive support of Binance's initiative designed to support the worst sufferers of recent CEX collapses.
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 decided to support Binance's major Web3 support program, Industry Recovery Initiative. The net amount of support provided totals $15,000,000 in equivalent.
In line with our commitment to support the recovery of the Web3 industry, DWF Labs is allocating an initial $15m commitment to support distressed protocols through the @binance IRF (@BinanceLabs).
— DWF Labs (@DwfLabs) November 29, 2022
Funding from DWF Labs will be directed toward the support of all entrepreneurs and investors affected by the series of collapses of centralized cryptocurrency platforms, including the likes of Voyager, FTX, Alameda Research, BlockFi and so on.
DWF Labs transferred the entire sum in Binance USD (BUSD), a core USD-pegged stablecoin of Binance's (BNB) multi-product cryptocurrency ecosystem.
In its statement, the DWF Labs team stressed its commitment to the progress of the Web3 revolution, its most promising and sophisticated protocols:
We believe that it is paramount to support builders in this challenging time. We are committed to providing financial support to the most promising and highest-quality companies that need it most.
On Nov. 24, 2022, Binance CEO Changpeng "CZ" Zhao announced the launch of a $1 billion fund, Industry Recovery Initiative (IRI), designed to address "protecting consumers and rebuilding the industry."
DWF Labs injects liquidity into The Open Network (TON) ecosystem
The team of Binance (BNB), the world's largest cryptocurrency exchange and multi-product ecosystem for individuals and entrepreneurs, appreciated the collaboration with DWF Labs:
Thank you for your support on 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 crypto.
As covered by U.Today previously, DWF Labs recently opened an office in South Korea to highlight its focus on expansion into the Asian region.
Vladislav SopovFollowing Switzerland, Singapore, Dubai and the British Virgin Islands, the office in Seoul becomes the fifth location for DWF Labs.
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