SAVA Investment Management, a licensed fund manager registered in the Cayman Islands and British Virgin Islands, has announced a partnership with Coinweb, a platform for layer two cross-chain computation, to buy back 6% of the total supply of CWEB tokens. The move is part of an effort to support the progress of the project, which has shown significant promise in its technology and business strategy.
Johan Ditz Lemche, Managing Director of SAVA Investment Management, expressed his enthusiasm for the partnership, saying, “We are delighted to support and invest in Coinweb. We recognise Coinweb’s resilience and dedication to innovation within the current environment of the digital asset space.”
Toby Gilbert, CEO & Co-Founder of Coinweb, echoed Lemche’s sentiment and highlighted the strategic importance of the partnership, “We are proud to announce this strategic partnership. SAVA understands and is aligned with our core values. This is a significant vote of confidence during this challenging period.”
The tokens purchased by SAVA will be used for continued ecosystem build-out, as the project moves to full production readiness in anticipation of the mainnet launch.
Coinweb has released several products in 2022, including a cross-chain tokenisation platform, a native marketplace, and a multi-tenancy wallet. The blockchain-agnostic protocol allows large enterprises to enter the market with ease while ensuring the continuity of these projects.
The Coinweb Protocol enables developers of applications to combine the best properties and functionalities of each blockchain, providing a platform to run decentralised applications on top of multiple different blockchains. In addition, Coinweb Labs is a design and build consultancy service responsible for building third-party projects on top of the Coinweb protocol and incubating new projects.
Coinweb has been under development since 2017. The founders, early contributors, and some former team members who are no longer actively involved in the project have now agreed to divest their holdings.
Coinweb’s founding members are extending the lockup and vesting period of their own tokens to demonstrate their long-term commitment to the project and provide a strong signal to the community.
The partnership with SAVA Investment Management is expected to support the continued growth and development of the Coinweb ecosystem, positioning the company for success in the digital asset space.