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DWF Labs Leads $13.8M Token Purchase From YGG Treasury

DWF Labs Leads $13.8M Token Purchase From YGG Treasury

The Yield Guild Games Association (YGG) announced today that DWF Labs has led a US$13.8 million token purchase from the YGG treasury with participation from a16z crypto, Galaxy Interactive, Sangha Capital and Sanctor Capital. With DWF Labs’ token purchase, the funding will be used to continue the decentralized development of the YGG network and the overall global ecosystem it represents. The web3 gaming guild has a particular focus on growing its reach throughout markets outside the United States.

DWF Labs is a global digital asset multi-stage web3 investment firm, providing support from token listing, liquidity support, and over-the-counter (OTC) trading solutions. It is also part of the parent firm Digital Wave Finance (DWF), which consistently ranks among the top five trading entities by volume in the cryptocurrency world through its proprietary technology for high-frequency trading. DWF Labs has supported over 50 web3 projects and collaborates with notable exchanges like Binance, ByBit, and more. 

“We have committed to support YGG as part of our vision towards a blockchain-based economy through web3,” said Andrei Grachev, Managing Partner at DWF Labs. “We are confident that through this token purchase, YGG will continue to innovate and grow the blockchain gaming space as we provide support through this long-term partnership.”

A16z crypto also participated in the round, marking the firm’s second investment into YGG and reaffirming its commitment to supporting YGG in its mission to decentralize the web3 gaming ecosystem. In August 2021, YGG raised a US$4.6 million round led by a16z crypto with participation from Kingsway Capital, Infinity Ventures Crypto (IVC), and Atelier Ventures.

Another notable participant in the round was angel investor David Lee. Lee, an accomplished startup investor and former corporate attorney at Google, is the Executive Vice President at Samsung Electronics and Head of Samsung Next. 

In January 2022, in what was a key milestone in its path to decentralization, the guild established itself as a Swiss Association to provide a flexible, recognized, non-profit legal structure that grows and decentralizes with the platform. The revenues from these purchases directly fund the Association’s initiatives to empower all token holders to participate in web3 gaming on a collective level rather than approach each game individually and alone.

The YGG token is not intended for use within the United States and is not available for purchase via any exchange domiciled within the United States. 

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About The Author

Raymund Ravanera is an accomplished and experienced graphic designer with almost 20 years of creative expertise working in the graphic design industry. He loves the latest gadgets, food and movies. Currently, he owns and manages megabites.com.ph, an online technology and lifestyle blog since 2015.

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