a16z Crypto Backs Yield Guild Games in $13.8M Fundraise via Token Purchase Round Led by DWF Labs
In Brief
Yield Guild Games has raised $13.8 million to further its decentralization initiatives.
The token sale round was led by DWF Labs, a digital asset multi-stage web3 multi-product ecosystem.
Yield Guild Games (YGG) has raised $13.8 million in a token purchase from the YGG treasury led by DWF Labs. Participants in the round include a16z Crypto, Galaxy Interactive, Sangha Capital Fund, Sanctor Capital, and angel investor David Lee, the Executive VP at Samsung Electronics.
According to a press release, the newly generated funds will further YGG’s “decentralization initiatives.” In its path to decentralization, YGG established itself as a Swiss entity and transitioned into the Swiss association legal framework. This offers 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 receive limited liability protection by virtue of being a member and have the power to vote on governance.
The leader of the latest round, DWF Lab, is the investment arm of Digital Wave Finance (DWF), a high-frequency trading platform that trades spot and derivatives in over 40 crypto exchanges. Besides providing different crypto trading solutions, DWF Labs also provides consulting, cybersecurity, smart contract audit process, debt-financing, treasury management, and connections.
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 YGG 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,
Andrei Grachev, Managing Partner at DWF Labs, said in a statement.
Crypto-focused VC firm a16z Crypto led YGG’s $4.6 million funding round in August 2021.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
