Dubai, Dubai, 26 June 2023 by Chainwire
DWF Labs, a global multi-stage Web3 investment firm, announced a partnership with the Algorand Foundation to support the health and growth of the Algorand blockchain-based ecosystem.
The first component of the partnership involves a $50 million ALGO token purchase agreement, in part to provide liquidity to the Algorand ecosystem.
An additional memorandum of understanding was signed to allocate funds to support projects built on the Algorand blockchain in the areas of DeFi, art and music, gaming, oracles and bridges, and infrastructure. Projects interested in submitting proposals can contact DWF Ventures at: http://www.dwf-labs.com/algorand.
DWF Labs Managing Partner Andrei Grachev shared his enthusiasm for the collaboration and its potential to revolutionize blockchain innovation, as well as DWF Labs’ commitment to actively participate in the Algorand ecosystem.
“We chose Algorand for its unrivaled level of technology and security in permissionless DLT, as well as its leadership in environmental sustainability and social impact. Algorand’s blockchain infrastructure empowers creators, financial institutions and governments Provides the speed and immediate finality needed to smoothly transition to the new digital economy at scale and in an environmentally responsible manner. The partnership with the Algorand Foundation is another important step in the maturation and growth of innovation in this space,” said Grachev.
About the Algorand Foundation
The Algorand Foundation supports a dynamic, inclusive and borderless global ecosystem at scale based on the Algorand blockchain technology. Algorand, designed by MIT professor and Turing Award-winning cryptographer Silvio Micali, has the unique ability to deliver on the promise of a borderless global economy. It achieves transaction throughput at the speed of traditional finance, but with immediate finality, near-zero transaction costs, and is 24/7. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism enables security and scalability on a decentralized protocol, and has not seen a second of downtime since its launch in 2019.
About DWF Labs
DWFLab It is a global digital asset market maker and multi-stage web3 investment company, providing support from token listing to market making to over-the-counter trading solutions. DWF Labs seeks to invest and support bold founders who want to build the future of Web3.
Managing Partner of DWF Labs