- The Cloudbreak Fund will fund layer-1 and layer-2 initiatives in Chinese-speaking regions as well as gaming finance, social finance, derivatives, and memecoins.
A $20 million Cloudbreak Fund has been established by Web3 investor and market maker DWF Labs to assist Web3 projects and entrepreneurs in Chinese-speaking areas.
An official press release provided to Cointelegraph states that the fund’s objective is to support Web3 projects’ rapid growth by providing significant investments and strategic resources.
Aimed industries
A number of important industries, such as derivatives, memecoins, gaming finance (GameFi), social finance (SocialFi), and layer-1/layer-2 ventures, will be supported by the Cloudbreak Fund.
DWF encourages Chinese-speaking areas functioning in these industries to apply for the Cloudbreak Fund in order to get the funding required in order “to realize their full potential.”
Grachev clarified for applicants in a written Q&A with Cointelegraph that the DWF Labs team is open to any initiative in Chinese-speaking countries and would be carefully analyzing each submission.
Launch of a fund amidst market volatility
Speaking about the choice to introduce the Cloudbreak Fund during a volatile period in the market, Grachev stated:
The market is going through a downturn, and now is a crucial time for the Cloudbreak Fund to start. We anticipate that this financing will revitalize projects’ capacity and desire to move forward with construction despite present difficulties.
Web3 initiatives gain traction
The popularity of Web3 technology is expanding, as evidenced by the Bali Burning Man-inspired Lampu festival, which also shows how useful it can be.
Belong, a Cointelegraph Accelerator participant, developed a Web3 NFT ticketing platform for the Bali event since NFTs have practical applications.
Thanks to the platform’s token-gated access infrastructure, event organizers and community owners were able to sell NFT passes for attendance in both fiat and cryptocurrency.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
