In a surprising move, Andrei Grachev, the head of DWF Labs, has disclosed his personal investment in Prom, causing a significant surge in the project’s token value by 90%.
Prom’s token (PROM) experienced a rapid increase of over 90% within a few hours after CEO Andrei Grachev publicly announced his support for the project. This sudden boost propelled PROM to $14.6, a price level last observed in December 2021, as reported by CoinMarketCap.
Prom is a unique gaming platform that offers a marketplace for non-fungible tokens (NFTs) and a rental service. It allows users to rent gaming assets without the need for collateral, as well as offering the opportunity to lend out assets to other players for additional income.
Although the exact amount of Grachev’s investment remains undisclosed, he has committed to holding the coins for at least a year and providing full support to the project. It is important to note that this investment was made solely by Grachev himself, with DWF Labs having no part in the transaction.
DWF Labs is recognized for its unconventional investment strategies in the cryptocurrency sector. Despite being labeled as a venture capital firm, DWF Labs operates more like an over-the-counter trading desk, as revealed by CoinDesk in April 2023.
Rather than following traditional investment practices, DWF Labs seems to engage in spontaneous deals with projects that already have their own tokens, referring to these arrangements as “strategic partnerships” instead of standard investments. While the firm does acknowledge its market-making activities, it emphasizes that most of its investments are held on centralized exchanges, with no intention of market manipulation or unethical behavior.
For more information, DWF Labs has announced its recent investment in user-generated gaming. Stay updated by following us on Google News.