%OVERRIDE@EDITOR@MARKDOWN%DWF Labs is a digital asset market maker and multi-stage web3 investment firm providing support from token listing to market making to OTC trading solutions. ^[1][2]

Overview

DWF Labs was founded by Heng Yu Lee^[4] and Eugene Ng^[5] in 2022. It is a subsidiary of the parent firm Digital Wave Finance (DWF), a cryptocurrency trading organization.^[3]

DWF Labs offers services such as advisory, liquidity provision, cybersecurity, smart contract auditing, debt financing, treasury management, and connection with partners for access to resources and future development opportunities. ^[6]

"DWF Labs seeks to invest and support bold founders who want to build the future of Web3. We offer consulting, liquidity provision, cybersecurity, smart contract audit processes, debt-financing, treasury management and connections with our numerous partners across different verticals." - the website stated^[6]

As an investor, DWF Labs prefers to participate in infrastructure projects, including layer-1 and layer-2 developments, through token purchases. The firm is also interested in AI-based projects and GameFi. DWF has supported various projects such as a $40 million round for Tomi, an "alternative internet" provider, a $20 million fundraise for Synthetix, a derivatives trading platform, and a new $40 million raise for Fetch.ai, an AI-focused crypto protocol. ^[12]

DWF Labs has offices in Singapore, Switzerland, the British Virgin Islands, the United Arab Emirates, South Korea, and Hong Kong. ^[12]

Partnerships

DWF Labs x TRON

On June 14, 2023, DWF Labs announced its partnership with TRON, a blockchain network focused on decentralizing the Internet via decentralized applications (dApps). As part of this partnership, DWF Labs has become a liquidity provider for TRON, further enhancing the ecosystem support of the blockchain.^[10]

Andrei Grachev, the Managing Partner of DWF Labs, stated:

"With over 165 million accounts created and more than 5.8 billion transactions on the TRON network, we firmly believe that the TRON ecosystem is at the forefront of Web3 adoption. What we find particularly appealing about TRON's accomplishments is its remarkable ability to attract new ideas.
TRON stands as one of the fastest-growing dApps ecosystems in the space at the moment, and the consistent rollout of innovative tools and services proves that TRON has a leading role in paving the trail in blockchain. That is why we are eager to further support the ecosystem with additional investment in the near future."^[10]

DWF Labs x Algorand

On June 26, 2023, DWF Labs announced a partnership with the Algorand Foundation to support the health and growth of the ecosystem built on the Algorand blockchain. ^[11]

The first component of the partnership involved a $50 million ALGO token purchase agreement to, in part, provide liquidity into the Algorand ecosystem. An additional MOU was also signed with the aim of allocating funds to support projects that are building on the Algorand blockchain in the spaces of DeFi, Art and Music, Gaming, Oracles and Bridges, and Infrastructure. ^[11]

“We selected Algorand because of its unparalleled level of technology and security among permissionless DLTs, as well as its leadership in environmental sustainability and social impact. Algorand's blockchain infrastructure provides the speed and instant finality required for creators, financial institutions and governments to smoothly transition to the new digital economy at scale, in an environmentally responsible manner.
This partnership with the Algorand Foundation is another important step in the maturation and growth of innovation in this space,” said Andrei Grachev.^[11]

DWF Labs x Pyth Network

In November 2022, DWF Labs joined the Pyth Network^[9], a specialized oracle solution for latency-sensitive financial data, to supply high-quality market data for crypto assets as well as utilizing the Pyth data feeds. ^[8]

“As experienced high frequency traders we can provide extremely valuable data that the whole industry can benefit from. By supplying our trading and pricing data to the Pyth Network, and at the same time by integrating their data in our existing workflows, we are growing the resilience of the Web3 industry.” - said Andrei Grachev, the Managing Partner of DWF Labs. ^[8]

Portfolio

• Tron
• Algorand
• Conflux
• Mantle
• Kava
• Synthetix
• EOS Network Foundation
• IOTA
• TON
• Gala Games
• Celo
• Fetch.ai
• Tether
• LADYS
• Yield Guild Games
• Mask Network
• Coin98
• MultiversX
• Curve
• Floki
• Alchemy Pay
• Radix
• Beldex
• Waves
• Merit Circle
• JasmyCoin
• Orbs
• Flare
• Galxe
• Vulcan Forged PYR
• MVL
• Space ID
• Marlin
• DODO
• MarbleX
• Syscoin
• Highstreet
• MetisDAO
• Bifrost^[7]

Team

• Andrei Grachev - Managing Partner
• Heng Yu Lee - Founding Partner
• Alessia Baumgartner - Business Partner Ecosystems
• Jorinda Hsu - Business Partner Ventures
• Derrick Lui - Business Partner, Legal & Compliance
• Stefano Virgilli - Business Partner, Communications & Technology
• Lingling Jiang - Business Partner, Business Development
• Qian Sui - Head, Business Development
• Angus Chung - Head, Business Development
• Erwin Ng - Head, Liquid Markets^[13]

$20M Cloudbreak Fund

On July 4, 2024, DWF Labs launched a $20 million Cloudbreak Fund to support projects and founders in Chinese-speaking regions. The Cloudbreak Fund aims to support initiatives in various sectors, including gaming, social finance, memecoins, derivatives, and layer-1 or layer-2 blockchain tech. ^[14]

"DWF Labs remains a strong supporter of the Web3 industry through times of market fluctuations. To show our commitment, we’re launching our $20 million USD Cloudbreak Fund to empower promising Chinese-speaking region projects and founders with substantial investments and strategic resources." - the DWF Labs team tweeted^[15]

Chinese-speaking regions include Hong Kong, China, Macao, Taiwan and Singapore. Gaming finance is an area ripe for innovation, with blockchain technology offering new ways to monetize and enhance gaming experiences. ^[14]

Partner Dismissal

On October 29, 2024, DWF Labs put out a statement on the dismissal of one of its partners who has been accused of inappropriate and unacceptable behavior. While the matter was under investigation, DWF Labs immediately dismissed the said partner from management and operational roles. ^[17][16]

"At DWF Labs, we hold the utmost respect for all individuals and are unwavering in our commitment to creating a safe, respectful, and inclusive environment for everyone. Our dedication to gender diversity and equality is reflected in the fact that more than 50% of our workforce comprises talented women who contribute immensely to our success." ^[16]

The statement went on to highlight the team's foundation in transparency and upholding the highest ethical standards.

"We do not condone actions that go against our core values of integrity, respect, and accountability. Our organisation remains steadfast in our commitment to upholding these values not only within DWF Labs but also in our partnerships and interactions across the industry." - the team concluded^[16]

The X community speculated that the team member in question was Eugene Ng, a former Advisor and Founding Partner of DWF Labs, whose profile has disappeared from the company's team page. However, DWF Labs did not disclose the identity of the individual involved, so the specific identity of the dismissed partner remains unknown. ^[18]