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.
According to an official press release shared with Cointelegraph, the fund is designed to offer substantial investments and strategic resources to expedite the growth of Web3 projects.
Andrei Grachev, Managing Partner at DWF Labs, explained the rationale behind the establishment of the Cloudbreak Fund:
“Projects in Chinese-speaking regions have experienced tremendous growth in recent months and require dedicated support [...] To meet this need, Cloudbreak was created, a fund designed to unlock the potential of emerging projects in Chinese-speaking regions.”
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Targeted sectors
The Cloudbreak Fund will fund several key sectors, including gaming finance (GameFi), social finance (SocialFi), memecoins, derivatives, and layer-1/layer-2 projects.
Chinese-speaking regions operating within these sectors are encouraged by DWF to apply for the Cloudbreak Fund to receive the resources needed “to realize their full potential.”
In a written Q&A with Cointelegraph, Grachev explained that, for applicants, the DWF Labs team will be reviewing each submission thoroughly and is open to any project in Chinese-speaking regions.”
“We encourage these projects to apply and look forward to building together.“
Related: VC blockchain and crypto funding rises in Q4 2023: Report
Fund launch amid market turbulence
Explaining about the decision to launch the Cloudbreak Fund at a time of market turbulence, Grachev said:
“The launch of the Cloudbreak Fund comes at a critical moment when the market is experiencing a downturn. We hope that this fund will reinvigorate projects' ability and willingness to continue building despite current challenges.”
Grachev emphasized that the strategic move aligns with DWF Labs’ “commitment to the Web3 ecosystem.”
“Our goal is to support innovative and promising Web3 projects and ensure that they have the resources needed to thrive and succeed during these times.”
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Web3 projects go mainstream
Web3 technology is gaining increasing attention, along with a growing understanding of its utility, as demonstrated by the Bali Burning Man-inspired Lampu festival.
With real-world use cases possible through non-fungible tokens (NFTs), Cointelegraph Accelerator participant Belong created a Web3 NFT ticketing platform for the Bali event.
The platform enabled organizers and community owners to sell NFT passes for event participation in fiat and crypto, backed by its token-gated access infrastructure.
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