Popular Web3 investment organization, DWF Labs has collaborated with the Algorand Foundation. The investment firm made the revelation today via its official Twitter page. According to the organization, the collaboration will aim at pushing the advancement of the Algorand blockchain.
Consequently, due to the partnership, DWF Labs purchased $50 million worth of ALGO tokens. According to the firm, the funds will provide liquidity for the Algorand ecosystem. Also, the funds will be designated to support projects based within the Algorand ecosystem. Meanwhile, according to Coinmarketcap, ALGO as of June 26, 2023, is trading at $0.136888.
In addition, the financial support will focus on DeFi, Art and Music, Gaming, Oracles and Bridges, and Infrastructural projects. However, DWF Labs announced that interested projects within the ecosystem of its new partner can submit applications to become a beneficiary of the funds.
Meanwhile, the managing partner of DWF Labs, Andrei Grachev provided more insights into the collaboration. Additionally, Grachev went on to illuminate how Algorand provides the speed and infrastructure for developers, financial institutions, and governments. According to Grachev, the support has aided the smooth transition to the new virtual economy in an environmentally responsible manner.
How DWF Labs have contributed to the advancement of the blockchain industry
In the past, DWF Labs have provided financial support for various projects in the blockchain and crypto sphere. Due to that, the firm has attained a remarkable level of prominence for supporting top projects like Orbs, Synthetix, and TOPGOAL. The firm through these efforts emerged as a leading crusader for the growth and advancement of the blockchain space.
On April 25, 2023, the firm provided a strategic investment for a decentralized secure computation platform identified as ARPA. According to a Binbits report, the strategic funding assisted ARPA in its effort to advance the blockchain sphere. Likewise, ARPA through the funds provided by DWF Labs worked on the development of new features for its protocol.
In a similar version, the collaboration with Algorand will provide support for the network and place it on the path of competing with other ecosystems in the industry. According to DeFiLlama, the Total Value Locked (TVL) on the Algorand blockchain is worth $105.06m with 119,834 active users in the last twenty-four (24) hours. With the funds from DWF Labs, the network will attract more projects, which will amount to more investment and users.