YGG Continues Path to Decentralization with $13.8M Token Purchase Led by DWF Labs
Yield Guild Games (YGG) has generated US$13.8 million in a token purchase from the YGG treasury led by DWF Labs along with the participation of a16z Crypto, Galaxy Interactive, Sangha Capital Fund, Sanctor Capital, and David Lee to support the guild’s decentralization initiatives.
DWF Labs is the investment arm of Digital Wave Finance (DWF), a leading high-frequency trading platform that trades spot and derivatives in over 40 crypto exchanges. As a digital asset multi-stage web3 multi-product ecosystem, DWF Labs provides consulting, cybersecurity, smart contract audit process, debt-financing, treasury management and connections aside from different trading solutions such as token listing, over-the-counter (OTC) trading, and liquidity support for different clients. This is possible through their partners in different verticals.
As it seeks to support the founders who will build the future of web3, DWF Labs has supported over 50 web3 projects and continues to collaborate with top crypto exchanges such as Binance, ByBit and many more.
“We have committed to support YGG as part of our vision towards a blockchain-based economy through web3,” said Andrei Grachev, Managing Partner at DWF Labs. “We are confident that through this token purchase, YGG will continue to innovate and grow the blockchain gaming space as we provide support through this long-term partnership.”
“We believe that blockchain has the potential to transform the gaming industry by enabling players to own their own assets and earn rewards,” Andrei added. “Through YGG’s partnerships with NFT games and ecosystems like Axie Infinity, The Sandbox and League of Kingdoms, the guild is at the forefront of blockchain-based game economies. Our goal is to support YGG and help the guild expand its offerings such as the Guild Advancement Program to connect even more players and provide them with an opportunity to participate in a decentralized gaming ecosystem and get rewarded from their gaming activities.”
Also participating in the token purchase was a16z Crypto, reaffirming its support in decentralizing YGG and providing equal web3 opportunities to communities worldwide. As one of the earliest supporters of YGG, a16z led the guild’s US$4.6 million funding round in August 2021.
Other participants in the recent token purchase include Galaxy Interactive, Sangha Capital Fund, Sanctor Capital, and angel investor, David Lee. A former corporate attorney at Google, Lee currently holds the position of Executive Vice President at Samsung Electronics and is Head of Samsung Next.
As a key milestone on its path to decentralization, YGG established itself as a Swiss association in 2022 to employ a flexible, recognized and nonprofit legal structure that will cultivate a decentralized future for the guild. YGG transitioned into the Swiss association legal framework as it offers more clarity and validity for the guild to signify that anyone who holds a YGG token is a member of the YGG association, allowing for meaningful participation. Token holders receive limited liability protection by virtue of being a member and have the power to vote on governance.
“The token purchase signals the confidence of our partners in YGG’s mission of empowering gamers through web3 gaming,” said YGG co-founder Gabby Dizon. “The purchase will support the progress of the guild’s initiatives as it aims to provide the web3 community with valuable products and experiences. With the continued support of our partners, YGG remains confident in its ability to drive meaningful impact and shape the future of the web3 gaming industry.”
For more information on DWF Labs, visit the DWF Labs website and Twitter.
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