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Market Maker DWF Labs Invests $20M in Derivatives Trading Platform Synthetix
DWF Labs purchased $15 million worth of Synthetix's native token SNX on March 16 with a further purchase of $5 million to follow
Updated May 9, 2023, 4:10 a.m. Published Mar 20, 2023, 10:30 a.m.
Market maker and investment firm DWF Labs is making a $20 million investment in on-chain liquidity and derivatives trading protocol Synthetix.
DWF Labs purchased $15 million worth of Synthetix's native token SNX on March 16 with a further purchase of $5 million set to follow, the Synthetix Treasury Council announced via email on Monday.
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Synthetix's perpetual futures product will be integrated into DWF Labs' trading business with the aim of boosting Synthetiix's trading volume.
Ethereum-based Synthetix is a decentralized platform allows users to mint and trade synthetic assets that track the value of real-world assets like gold and stocks.
DWF Labs' investment follows less than a week after its $10 million purchase of blockchain infrastructure provider's Orbs Network's native token ORBS. The price of ORBS has risen 14.5% in the last seven days.
SNX was up 2.9% in the last 24 hours to $2.96.
Read more: DeFi Protocol Maverick Unveils UniSwap Rival Decentralized Exchange on Ethereum
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