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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
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
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
