Yield Guild Games has gained US$13.8 million in a token purchase from the YGG treasury led by DWF Labs along with the participation of such big companies as a16z Crypto, Galaxy Interactive, Sangha Capital Fund, Sanctor Capital, and David Lee in order to support the guild’s decentralization efforts.
YGG Continues Path to Decentralization with $13.8M Token Purchase
DWF Labs is the investment arm of Digital Wave Finance (DWF), a leading trading platform that trades spot and derivatives in over 40 crypto exchanges. Digital asset multi-stage web3 multi-product ecosystem DWF Labs offers 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 partnerships in different fields. In order to help the founders who will contribute to 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 others.
The Announcements of the Company
“We have committed to support YGG as part of our vision towards a blockchain-based economy through web3. 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,” said Andrei Grachev, Managing Partner at DWF Labs.
Andrei Grachev also addded: “We believe that blockchain has the potential to transform the gaming industry by enabling players to own their own assets and earn rewards. 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 Yield Guild Games 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.”
The Support of YGG’s Decentralization by Other Companies
Another participant in the token purchase a16z Crypto declared its support in decentralizing YGG and providing equal web3 opportunities to communities worldwide. As one of the earliest supporters of Yield Guild Games, a16z led the guild’s US$4.6 million funding round in August 2021. Among other participants in the recent token purchase are Galaxy Interactive, Sangha Capital Fund, Sanctor Capital, and angel investor, David Lee. A former corporate attorney at Google, Lee currently is Executive Vice President at Samsung Electronics and is Head of Samsung Next.
In order to get closer to its decentralization, Yield Guild Games 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. Yield Guild Games transitioned into the Swiss association legal framework because of wide range of advantages like 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 will receive limited liability protection by virtue of being a member and have the power to vote on governance.
YGG co-founder Gabby Dizon said: “The token purchase signals the confidence of our partners in YGG’s mission of empowering gamers through web3 gaming. 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.”
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