A decentralized storage system identified as Crust Network has secured a strategic investment from DWF Labs. According to an announcement, the firm disclosed that DWF Labs has agreed to provide long-term financial support for its network. The firm described the effort as a bid to further enhance its infrastructure and operations in the decentralized storage landscape.
From DWF labs’ perspective, the investment firm provided the funds based on its preference for Crust Network towards providing decentralized storage services. The managing partner of the investment firm, Andrei Grachev, described the protocol as a “secure, scalable, and interoperable platform for data storage and retrieval across multiple chains.”
More so, the managing partner recalled how the investment firm picked interest in Crust Network due to the potential of the projects on the network. Grachev then expressed excitement about how DWF labs will provide its “expertise and capital” to future projects of its new partners.
It is worth mentioning that the latest investment surfaced after DWF Labs provided a $28 million financial backing to Conflux. According to a Binbits report, DWF Labs, through the funds, aimed to contribute to the growth and development of Conflux. Part of the financial commitment saw DWF Labs purchase $10 million worth of CFX tokens. Now, Crust Network is the latest beneficiary of DWF lab’s investment efforts in the blockchain industry.
How DWF Labs financial support will fastrack the launching of an EVM storage designed by Crust Network
Meanwhile, Crust Network, in the announcement failed to provide the exact amount DWF labs is willing to commit to the pursuit. Instead, the firm labeled it as a “seven-figure funding.” However, the firm went on to establish that the funding came in at the right time. Crust Network said prior to the funding, that it is preparing to launch its EVM storage that supports Omnichain.
Furthermore, the firm disclosed that the funding will provide it with more support to initiate the project. Crust Network, via the announcement, revealed that it will leverage the new project to establish its presence in the EVM landscape. Also, the firm noted how the new initiative will help it to make decentralized storage more accessible and user-friendly across the EVM ecosystem.
As announced, the EVM storage comprises Crust mainnet, Polkadot parachains, and EVM contracts. Lastly, it offers EVM-based networks a streamlined decentralized storage solution.
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