As CoinDesk reports, DWF Labs, a new generation investor and crypto market maker, has led a $40 million crypto venture funding round for TOMI, a decentralised autonomous organisation (DAO) pioneering an alternative internet network, including a next-generation chat and wallet for seamless conversational payments.
We're absolutely stoked for this partnership @tomipioneers 💥👀 https://t.co/YatuV659Jr
— DWF Labs (@DWFLabs) March 21, 2023
TOMI is committed to creating a censorship-resistant online space, governed entirely by its community-led DAO. Unlike the traditional internet, often subject to government and corporate surveillance, TOMI’s network is designed to uphold freedom of speech and provide access to uncensored information.
The TOMI DAO plays a central role in managing the network, with token holders voting on key decisions, including code modifications and content moderation based on community guidelines. This decentralised governance model ensures a transparent and democratic approach to internet infrastructure.
Supporting Content Creators in a Privacy-Focused Ecosystem
The newly secured crypto venture capital will be used to attract content creators to the platform, reinforcing TOMI’s commitment to privacy, fair monetisation, and high-quality content.
Andrei Grachev, Managing Partner at DWF Labs, highlighted the significance of the investment :
‘With its DAO-governed alternative network, TOMI is paving the way for a censorship-free environment where users can access premium content without sacrificing their privacy. We believe the team's dedication to fair monetisation and privacy-led technologies will make TOMI a leading destination for both content creators and internet users.’
Our participation as the leader of this funding round follows our investments of the native tokens of blockchain infrastructure provider Orbs Network and crypto derivatives protocol Synthetix.
About Tomi
Led by an anonymous group of eight senior crypto veterans, TOMI offers a DAO-governed, surveillance-free alternative to the World Wide Web. So-called tomiNet leverages DAO governance to foster community-driven censorship of the more illicit activities that run rampant on the most prominent alternative internet networks today.
DMCC—the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise—has partnered with DWF Labs, the new generation crypto venture capital firm and market maker, to offer a new $5 million growth platform for Web3 and blockchain businesses resided at the DMCC Crypto Centre.
As a new ecosystem partner, we will establish the DWF Ventures Studio, which will support nascent Web3 and blockchain businesses using the DMCC Crypto Centre and Dubai as a hub from which they can scale their operations locally, regionally, and globally. The partnership was announced during the ‘Sunset Meet and Greet’ crypto event‘Sunset Meet and Greet’ crypto event organised by DWF Labs on 24 February 2023 in Dubai.
Building on the Crypto Centre’s offering, the DWF Ventures will provide multiple benefits for early-stage crypto startups based in DMCC, including consultancy services, increased connection to global crypto venture capital, market making services on Tier-1 and Tier-2 digital asset exchanges, a range of workshops, and direct capital investments.
DWF Labs aims to invest in 50 startups operating in the Web3 space, with multiple additional investments for the best performing companies, and a $500,000 investment for the cohort’s most prominent business.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said:
‘Dubai’s leading position as a hub for Web3 technologies is known the world over. The DMCC Crypto Centre has been a fundamental part of the emirate’s successful crypto journey, housing the largest concentration of Web3 and blockchain businesses in the region. Partnering with one of the top names in the global industry further exemplifies the maturity of the crypto business community that we have built, as well as the significant commercial opportunities that Dubai presents.’
Andrei Grachev, Managing Partner of DWF Labs, added:
‘DWF Labs’ core goal is to invest in and support innovative entrepreneurs within the web3 space. For this reason, partnering with DMCC and its Crypto Centre is the right step as we expand our footprint both in Dubai and globally. The ecosystem that DMCC has built offers a strong pool of crypto talent that we are looking forward to being part of, building upon, and ultimately further facilitating its success.’
DWF Labs is part of Digital Wave Finance (DWF), one of the world’s largest high-frequency cryptocurrency trading entities. By trading volume, DWF is one of the top five trading entities that trade on the top 40 exchanges, trading over 2000 different types of digital assets.
The DMCC Crypto Centre is a comprehensive ecosystem for companies that develop Web3 and blockchain technologies and associated value-added services, providing everything that crypto businesses and entrepreneurs need to set up and scale their operations. Home to over 550 businesses operating in the Web3 and blockchain space, the DMCC Crypto Centre represents the highest concentration of crypto firms in the region.
While the exact number of tokens sold is not public, it is estimated that they constituted over 35% of their treasury
DWF Labs, the new generation crypto investor and market maker, supports BIT’s introduction of options tied to Toncoin (TON), the native cryptocurrency of a Layer 1 blockchain, The Open Network (TON). This move marks a significant step in expanding the cryptocurrency derivatives market beyond Bitcoin (BTC) and Ethereum (ETH), highlighting the growing investor interest in altcoin derivatives.
Expanding the Crypto Derivatives Market
Cryptocurrency derivatives exchange BIT has officially launched TON options today, with availability on the institution-focused liquidity network Paradigm to follow. This development reinforces the increasing institutional and retail demand for diversified derivative products beyond BTC and ETH.
By integrating TON into its suite of futures and s, BIT is strengthening its position as a leading platform for crypto derivatives. This launch is made possible through a strategic collaboration between BIT, liquidity provider Darley Technologies, and DWF Labs, a key supporter of the TON ecosystem.
A Strategic Move for TON and the Crypto Industry
We recognise the immense potential of crypto options market, which has seen substantial growth in recent years. While BTC and ETH have historically dominated this space, the inclusion of TON is a pivotal shift towards a more diverse derivatives landscape.
Andrei Grachev, Managing Partner of DWF Labs, commented:
“With a global community growing at a rate of more than 2% weekly and over 100 million transactions completed to date, the TON ecosystem is among the most promising in the market. Entering the options market is a logical and crucial step for TON, as, until now, only BTC and ETH were available. This ensures TON takes its rightful place alongside crypto’s most prestigious assets.”
Bringing Institutional and Retail Traders into the TON Ecosystem
The introduction of TON options aligns with DWF Labs’s vision of supporting greater liquidity and accessibility in the cryptocurrency market. By backing initiatives like this, we aim to support the growth of advanced blockchain ecosystems and ensure that more traders, both institutional and retail, can engage with TON on a broader scale.
BIT’s Co-Founder and Chief Operating Officer, Lan, highlighted the increasing demand for altcoin-based crypto options trading:
“With the advent of dollar-margined products and the addition of various altcoin options, the options market has enormous growth potential. BIT and our trusted partners are committed to making crypto options more accessible.”
A Milestone for TON in the Global Crypto Market
By expanding into the crypto options market, TON is solidifying its status as a major player in the industry. This move ensures that TON will be actively traded alongside major crypto assets like BTC and ETH.
DWF Labs remains committed to supporting developments in crypto liquidity, trading, and infrastructure. We look forward to seeing the continued success of TON.
DWF Labs, the leading crypto market maker, has become a prominent backer of the TON ecosystem. Through its partnership with the TON Foundation, DWF Labs now supports The Open Network with an investment, token development, market creation, and exchange listing.
DWF Labs commits to allocating $10 million to support the growing TON ecosystem. In addition, a total of 50 seed investments are scheduled over the next 12 months. Every investment is designed to accelerate the growth of TON and its projects.
Furthermore, DWF Labs intends to increase the number of TON ecosystem participants by improving the Toncoin (TON) trading volume across supporting platforms. Currently, Toncoin has a trading volume of up to $20 million. That number is about to double within the first three months of the partnership.
Afterward, DWF Labs will work towards increasing the volume further. To do so, a reliable OTC market will be developed to let buyers and sellers complete large transactions.
DWF Labs and TON will embark on a long-term partnership featuring extensive cooperation between TON and DWF Labs.
Partnering with DWF Labs is the latest milestone for the TON Foundation. Earlier, they achieved cooperation with Huobi Group and KuCoin Ventures. In addition, the TON ecosystem notes accelerating growth, with the web3 sites launchpad TON Sites, and the proxy network TON Proxy being the latest additions. Those two features and tools are crucial to unlocking the future of a decentralised internet. These releases follow the announcement of an updated built-in crypto wallet in the Telegram messenger from independent developers. It enables the creation of a P2P cryptocurrency marketplace, and is a step towards the widespread adoption of cryptocurrencies and blockchain technology by ordinary users. Telegram also recently launched a tokenized username marketplace called Fragment built on the TON blockchain.
About The Open Network (TON)
The Open Network is a third-generation proof-of-stake blockchain initially designed in 2018 by the Durov brothers, the founders of Telegram. Later, it was handed over to the open TON Community, which has been supporting and developing it ever since. TON was designed for lightning-fast transactions. It’s ultra-cheap, user-friendly, and fully scalable. The TON Foundation is a non-commercial group of supporters and contributors who help further grow the TON blockchain.