DWF Labs head Andrei Grachev revealed his private funding in Promenade, propelling the challenge’s token up by 90%.
Promenade’s (PROM) has jumped by over 90% in a matter of some hours after DWF Labs CEO Andrei Grachev publicly confirmed he has backed the challenge. In response to CoinMarketCap, PROM in a second surged to $14.6, a degree final seen in December 2021.
Promenade is a gaming non-fungible token (NFT) market and rental platform, which facilitates uncollateralized leases of NFTs and mortgage providers. Via this platform, gamers acquire entry to renting gaming property devoid of any collateral requirement, whereas additionally offering an avenue for lending out their property to fellow gamers for extra earnings.
Though the scale of the funding was not disclosed, Grachev pledged to “maintain cash for not less than one 12 months and help the challenge correctly.” He additionally famous that the funding was solely made by himself, with DWF Labs sustaining no involvement within the transaction.
DWF Labs is thought as a consequence of its unconventional method to investments within the crypto area. Whereas it presents itself as a enterprise capital agency, DWF Labs’ operations extra intently resemble these of an over-the-counter buying and selling desk, as CoinDesk revealed in April 2023.
As an alternative of doing investments the standard manner, DWF Labs appears to be making offers on the spot with tasks that have already got their very own tokens, calling these offers “strategic partnerships” as an alternative of normal investments. Whereas the agency acknowledged market-making actions, it additionally asserted that it retains most of its investments on centralized exchanges, denying any intention to govern markets or interact in unethical practices.