DWF Labs Invests $10M in TokenFi for AI-Push, TOKEN Crosses All-Time High
The purchase will be done over a two-year period, developers told CoinDesk.
Mar 5, 2024 at 11:55 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/CNQRVIGN65FELPU3LPMAQ4SNAA.jpg)
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- TOKEN jumped 50% to nearly 9 cents after the investment news came out.
- The token will purchased from TokenFiās treasury.
- The investment will help TokenFi develop AI-based products.
Crypto trading fund DWF Labs will purchase $10 million of TokenFiās TOKEN over a two-year period as part of a planned move to develop a suite of products, TokenFi developer āBā told CoinDesk in a Telegram message on Tuesday.
The tokens will be purchased from TokenFiās treasury. This will ensure that the treasury has the resources to develop new products that incorporate artificial intelligence (AI), such as the TokenFi Generative AI for non-fungible tokens (NFTs) and a smart contract auditor.
TOKEN jumped 50% to nearly 9 cents, crossing its all-time high, after the DWF Labs news came out. Meanwhile, the broader CoinDesk 20 index (CD20) is up over 5%.
āThis will give TokenFi an edge as the tokenization and AI wave catches on heading into what will be cryptoās most explosive bull run,ā B shared in the message.
TokenFi enables users to launch or tokenize assets using its online interface. It was started in 2023 as a sister project to Floki, a former dog-themed meme coin that has since pivoted into a metaverse and decentralized finance platform.
UPDATE (March 5, 12:23 UTC): Updates headline and token prices.
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.