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ORBS Token Rises 15% After DWF Labs Invests $10M
The market maker has invested in the Orbs Network through a new token sale.
By Brandy Betz
Updated May 9, 2023, 4:10 a.m. Published Mar 14, 2023, 1:26 p.m.
Market maker and investment firm DWF Labs has invested $10 million in blockchain infrastructure provider Orbs Network through a token sale, news that sent the native ORBS token, which has an $85 million market cap, up close to 15% to 3.4 cents.
Orbs recently launched its flagship layer 3 product, a decentralized "time-weighted average price," or dTWAP, protocol for decentralized exchanges. Orbs and DWF are both heavily involved in the TON ecosystem, which was developed by the founders of Telegram Messenger.
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"Orbs is a highly promising project within the TON ecosystem, and we are pleased to invest in their vision for the future of decentralized finance. Their dTWAP protocol for decentralized exchanges and their contributions to the TON ecosystem demonstrate their commitment to advancing the potential for growth and innovation in the space,” DWF Labs partner Andrei Grachev said in a statement.
Founded in 2017, Orbs offers public blockchain infrastructure designed to provide scalability, low transaction fees, fast performance, security and ease of use. The platform is meant for mass-use applications that could run into high fees and slow throughput, and can serve as the back end for a full blockchain technology stack. The mainnet and ORBS token were launched in early 2019.
Read more: DWF Labs Invests $25M in Privacy Tech Startup Beldex
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