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

AccessTimeIconMar 20, 2023 at 10:30 a.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC
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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.



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    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


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