Funding from DWF Labs will be directed toward the support of all entrepreneurs and investors affected by the series of collapses of centralized cryptocurrency platforms, including the likes of Voyager, FTX, Alameda Research, BlockFi and so on.
DWF Labs transferred the entire sum in Binance USD , a core USD-pegged stablecoin of Binance's multi-product cryptocurrency ecosystem.In its statement, the DWF Labs team stressed its commitment to the progress of the Web3 revolution, its most promising and sophisticated protocols: We believe that it is paramount to support builders in this challenging time. We are committed to providing financial support to the most promising and highest-quality companies that need it most.
On Nov. 24, 2022, Binance CEO Changpeng"CZ" Zhao announced the launch of a $1 billion fund, Industry Recovery Initiative , designed to address"protecting consumers and rebuilding the industry."The team of Binance , the world's largest cryptocurrency exchange and multi-product ecosystem for individuals and entrepreneurs, appreciated the collaboration with DWF Labs:DWF Labs also provided funding to one of the leading third-generation blockchains, The Open Network .
As covered by U.Today previously, DWF Labs recently opened an office in South Korea to highlight its focus on expansion into the Asian region.