DWF Labs, the Singapore-based digital asset market maker and multi-stage Web3 investment firm, has come forward to support the web3 industry amidst the current market panic caused by FTX fallout. In fact, DWF Labs has announced that it will support web3 companies affected in the aftermath of the FTX fallout with investments, loans, and liquidity provisions.
“We are letting everyone know that we are more committed than ever to supporting the Web3 ecosystem in these difficult times,” states DWF Labs Managing Partner, Andrei Grachev. “We are also willing to help companies and entrepreneurs who have been affected in the aftermath of the FTX situation with investments, loans, and liquidity provisions.”
The collapse of FTX has caused big trouble for a large section of individual and enterprise investors. The Ontario Teachers’ Pension Plan Board lost around $95 million in failed FTX empire. Japanese conglomerate SoftBank Group Corp. which had invested around $100 million in the troubled crypto exchange FTX.com and anticipates writing down the entire value of the stake, according to a person familiar with the matter, Bloomberg reported.
Added to this, there is great fear among crypto investors. Bitcoin investors are withdrawing funds from exchanges at a rate not seen since April 2021 with nearly $3 billion in Bitcoin withdrawn over the past seven days. Overall, the market sentiment is highly affected by the FTX fallout and investors are showing extreme fear.
The web3 investment firm also mentioned that DWF Labs remains unaffected In light of the recent news of FTX filing for Chapter 11 Bankruptcy. “As a high-frequency trading firm and market maker, DWF Labs has built a robust risk management framework that has enabled the firm to trade through such market events,” the company added in a statement.
“Many parties are being impacted by the recent FTX situation. However, DWF Labs has been able to trade through this incident with minimized impact due to our strong risk management framework,” said Andrei Grachev.
DWF Labs claimed that it has successfully faced such situations in the past. according to the company, black swan events and high volatility are part and parcel of the crypto industry.
“As a trading firm, our operations are designed to continue functioning during such market events. We are letting everyone know that we are more committed than ever to supporting the Web3 ecosystem in these difficult times,” DWF Labs said in the statement.
The company has increased its investment portfolio to over 50 Web3 projects within a year. “Despite the current market climate, we are here to stay and will continue to invest in and support the Web3 ecosystem, states Heng Yu Lee, a Partner in DWF Labs. “We welcome any Web3 entrepreneurs who need funding to reach out to us”.
In agreement that more has to be done to help the industry, Eugene Ng, another Partner in DWF Labs, said, “What has happened in the past few days is deeply disturbing because of its negative impact on the crypto communities. Many talented individuals are losing their jobs. We feel their pain and would like to encourage anyone who is looking for new opportunities that our doors are open.”
DWF Labs said that it is not exposed to loans or other risky financing instruments, and it continues to reduce associated risks as the event’s effects play out.
The company is committed to continuing to offer affected parties liquidity and investment while maintaining its focus on growth ambitions while taking appropriate precautions.
DWF Labs offers consulting, liquidity provision, cybersecurity, smart contract audit processes, debt-financing, treasury management and connections with its numerous partners across different verticals.
Read Also: Bitcoin And The Wider Crypto Market Is Affected By The Geopolitical Uncertainty And Monetary Policy
