DWF Labs is a Singapore-based Web3 investment firm and market maker founded in 2022 as part of the Digital Wave Finance group. The firm operates across venture investing and over-the-counter (OTC) token trading, positioning itself as a full-cycle partner for crypto projects – from early-stage token deals to secondary liquidity provision. DWF Labs has grown quickly into one of the most active dealmakers in crypto, publicly announcing hundreds of investments since its founding. Total AUM is not publicly disclosed.
Unlike traditional venture capital firms, DWF Labs typically acquires tokens directly from projects via private OTC agreements rather than taking equity stakes. This model allows faster deal execution but also ties returns directly to token price performance. The firm operates offices in Singapore, Dubai, and other major financial hubs, with a global mandate covering Asia, the Middle East, and Europe.
In September 2023, CoinDesk published an investigation alleging that DWF Labs engaged in wash trading practices on Binance. Binance reportedly opened an internal investigation but later dropped it. DWF Labs denied the allegations. The episode drew scrutiny to the dual role market makers play when they also hold large token positions in projects they promote.
Notable investments
- Synthetix (SNX) – OTC investment in the decentralized derivatives protocol
- Conflux (CFX) – strategic token investment in the Chinese-backed Layer 1 network
- Fetch.ai (FET) – backing the AI-focused blockchain, now part of the Artificial Superintelligence Alliance
- Radiant Capital (RDNT) – DeFi lending protocol on Arbitrum; notably suffered a $50M exploit in October 2024, illustrating portfolio concentration risk
- Yield Guild Games (YGG) – gaming guild and token ecosystem
- BONK – Solana-based meme token; DWF participated in OTC rounds as the token surged in 2023–2024
- Shiba Inu ecosystem – strategic investment announcement in 2023
The firm claims to have invested in over 470 projects as of 2024, though independent verification of the full portfolio is not available. Many deals are announced via press release without disclosed valuations.
Team
Andrei Grachev serves as Managing Partner and is the firm's most public face. He is frequently quoted in crypto media and participates in industry conferences. Grachev previously worked in traditional finance and entered crypto via Digital Wave Finance, the parent entity of DWF Labs. Other senior team members are less publicly identified. Public information about the full leadership structure is limited.
Recent activity
Through 2024 and into 2025, DWF Labs maintained a high deal pace, continuing to announce OTC investments across DeFi, gaming, and infrastructure projects. The firm expanded its presence in the Middle East, particularly in the UAE, aligning with broader institutional crypto growth in that region. DWF also launched a dedicated $75 million fund in 2023 targeting early-stage Web3 startups, signaling a move toward more conventional venture structures alongside its OTC-heavy model.
The Radiant Capital hack in late 2024 was a significant setback for one of its higher-profile DeFi positions. The firm has not disclosed the financial impact publicly.
DWF Labs occupies an unusual position in the market: part venture fund, part market maker, part OTC desk. This gives it speed and deal flow that traditional VCs cannot match, but also creates conflicts of interest that regulators and counterparties are increasingly scrutinizing. With crypto markets recovering in 2024–2025, the firm's token-heavy portfolio strategy has likely seen improved paper returns – though actual realized gains remain opaque. Investors and projects considering DWF as a partner should weigh its liquidity provision capabilities against the reputational questions raised by the 2023 wash trading allegations. DWF Labs official site and its Crunchbase profile offer additional background.
