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DWF Labs Invests $25M in Privacy Tech Startup Beldex
The funds will help promote the ecosystem of decentralized applications that protect user data.
By Brandy Betz
Updated May 9, 2023, 4:08 a.m. Published Feb 23, 2023, 2:29 p.m.
Beldex, a Web3 ecosystem of decentralized applications that protect users' data and identity, has raised $25 million through a new partnership with digital-asset market maker and investment firm DWF Labs. The funds will help fuel research and development for the Beldex ecosystem, and DWF will serve as a counselor and help with marketing.
“We are excited about Beldex’s ecosystem, which offers scalable and secure decentralized applications prioritizing privacy,” DWF Labs managing partner Andrei Grachev said in the announcement post. “The BDX token is integral to this ecosystem, providing a secure means of payment and incentives for users to contribute. We believe that Beldex’s innovative solutions and focus on privacy and decentralization make it a strong player in the cryptocurrency space.”
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The Beldex ecosystem includes private messaging app BChat, decentralized virtual private network BelNet, Web3 browser Beldex and cross-chain privacy protocol Beldex, which enables anonymous transfers of assets between different blockchains.
The funding comes as the crypto winter pushed venture-capital investments in crypto projects down 91% year-over-year in January, though infrastructure projects remained relatively strong.
Read more: What Are VCs Funding After FTX? More Decentralized Infrastructure
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