DWF Labs boosts PROM by a staggering 90%
Andrei Grachev, the head of DWF Labs, has announced his personal investment in Prom, causing the project’s token to surge by 90%. In just a few hours, the value of Prom (PROM) rose to $14.6, reaching a level not seen since December 2021, according to CoinMarketCap.
Prom is a marketplace and rental platform for gaming non-fungible tokens (NFTs). It allows players to rent gaming assets without the need for collateral, and also provides an opportunity for players to lend out their assets to others for additional profits.
Although the exact amount of Grachev’s investment was not disclosed, he has committed to holding the coins for at least one year and supporting the project. He emphasized that the investment was made solely by himself, with no involvement from DWF Labs.
DWF Labs is known for its unconventional approach to investments in the crypto space. While it is categorized as a venture capital firm, its operations more closely resemble those of an over-the-counter trading desk. In April 2023, CoinDesk revealed that DWF Labs makes deals on the spot with projects that already have their own tokens, referring to these deals as “strategic partnerships” rather than regular investments. The firm has acknowledged its market-making activities but has also stated that it primarily keeps its investments on centralized exchanges, denying any intent to manipulate markets or engage in unethical practices.
