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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:
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/web3-investment-up-55-q1-crypto-vc-interest-rebounds" rel="noopener noreferrer nofollow">Web3 investment up 55% in Q1 as crypto VC interest rebounds</a>
<h2 id="targeted-sectors">Targeted sectors</h2>
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&amp;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.”
<blockquote data-ct-non-breakable="true">
 “We encourage these projects to apply and look forward to building together.“
</blockquote>
Related: <a href="https://cointelegraph.com/news/vc-blockchain-and-crypto-funding-rises-in-q4-2023-report" rel="noopener noreferrer nofollow">VC blockchain and crypto funding rises in Q4 2023: Report</a>
<h2 id="fund-launch-amid-market-turbulence">Fund launch amid market turbulence</h2>
Explaining about the decision to launch the Cloudbreak Fund at a time of market turbulence, Grachev said:
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
Grachev emphasized that the strategic move aligns with DWF Labs’ “commitment to the Web3 ecosystem.”&nbsp;
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/vc-roundup-capital-flows-alternative-funding-models-fuel-crypto-startups" rel="noopener noreferrer nofollow">VC Roundup: Capital flows and alternative funding models fuel crypto startups</a>
<h2 id="web3-projects-go-mainstream">Web3 projects go mainstream</h2>
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 <a href="https://cointelegraph.com/news/burning-man-inspired-festival-in-bali-goes-full-web3-heres-how" rel="noopener noreferrer nofollow">created a Web3 NFT ticketing platform for the Bali event</a>.
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.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-phishing-scammer-hedera/" rel="noopener noreferrer nofollow">Crypto-Sec: Phishing scammer goes after Hedera users, address poisoner gets $70K</a>

DWF Labs launches $20M fund for Web3 projects in China

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Cointelegraph

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