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DWF Labs announced the launch of a $20 million Cloudbreak Fund aimed at supporting Web3 projects in Chinese-speaking regions. The fund will provide investments and strategic resources to help emerging projects achieve their potential.
According to the announcement shared with Bitcoin.com News, DWF’s Cloudbreak Fund will focus on initiatives in things like game finance (gamefi), social finance (socialfi), meme coins, derivatives, and layer one/layer two (L1/L2) infrastructure, as well as artificial intelligence (AI) projects. Projects that meet these criteria are encouraged to apply for funding to accelerate their growth within the Web3 ecosystem. The fund aims to foster innovation by providing financial backing and leveraging DWF Labs’ extensive partner network.
Andrei Grachev, managing partner at DWF Labs, highlighted the importance of supporting projects in Chinese-speaking regions, citing their recent growth and need for dedicated support. “We have been working with founders in Chinese-speaking regions since 2018. I’m personally a big fan of their culture and intense, diligent work ethic,” Grachev explained on Thursday.
The DWF executive added:
Projects in Chinese-speaking regions have experienced tremendous growth in recent months and require dedicated support to realize their full potential. To meet this need, Cloudbreak was created, a fund designed to unlock the potential of emerging projects in Chinese-speaking regions.
Bitcoin.com News was told the fund is designed to unlock the potential of these emerging projects by providing “holistic support,” including wallet integrations, hackathons, funding initiatives, and strategic brand and marketing channel distribution. Earlier this year, DWF Labs also renewed its commitment to the MENA region with a $5 million growth platform for Web3 and blockchain businesses in partnership with DMCC.
