DWF Labs, a Web3 investor and market maker, has launched a $20 million Cloudbreak Fund to support Web3 projects and founders in Chinese-speaking regions.
The fund is designed to provide significant investments and strategic resources to accelerate the development of Web3 projects.
Andrei Grachev, Managing Partner at DWF Labs, explained the rationale for founding the Cloudbreak Fund:
“Projects in Chinese-speaking regions have seen tremendous growth in recent months and require specialized support. […] To meet this need, Cloudbreak was founded to unlock the potential of emerging projects in Chinese-speaking regions.”
Cloudbreak Fund will fund several key areas, including GameFi, social finance (SocialFi), memecoin, derivatives, and layer 1/layer 2 projects.
DWF encourages Chinese-speaking regions operating in these areas to apply for funding to the Cloudbreak Fund to receive the resources needed to “fulfill their potential”.
The DWF Labs team will carefully review each application and is open to any projects in Chinese-speaking regions.
Explaining the decision to launch Cloudbreak Fund at a time of market volatility, Grachev said:
“The launch of the Cloudbreak Fund comes at a critical time in the market downturn. We hope that this fund will further strengthen the ability and desire of projects to continue building despite the current challenges.”
Grachev stressed that this strategic move is in line with “DWF Labs’ commitment to the Web3 ecosystem.”
“Our goal is to support innovative and promising Web3 projects and ensure they have the resources they need to grow and succeed in this time.”
Annie
According to Cointelegraph
