DWF Labs Invests $25M in Privacy Tech Startup Beldex

The funds will help promote the ecosystem of decentralized applications that protect user data.

AccessTimeIconFeb 23, 2023 at 2:29 p.m. UTC
Updated May 9, 2023 at 4:08 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.”

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.