DWF Labs Director Andrei Grachev revealed his personal investment in Prom, boosting the project's token up to 90%.
Prom (PROM) has surged over 90% in a matter of a few hours after DWF Labs CEO Andrei Grachev publicly confirmed that he had backed the project. According to CoinMarketCap, PROM at one point rose to $14.6, a level last seen in December 2021.
Prom is a gaming marketplace and non-fungible token (nft) rental platform that facilitates collateral-free rental of NFTs and mortgage services. Through this platform, players gain access to renting gaming assets without any collateral requirements, while also providing an avenue to lend their assets to other players for additional profits.
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Although the size of the investment was not disclosed, Grachev pledged to “hold the coins for at least a year and support the project appropriately.” He also noted that the investment was made by himself and that DWF Labs was not involved in the transaction.
DWF Labs is known for its unconventional approach to investments in the crypto space. While it bills itself as a venture capital firm, DWF Labs' operations are more like those of an over-the-counter trading desk, like CoinDesk revealed in April 2023.
Instead of making investments in the usual way, DWF Labs appears to be making on-the-ground deals with projects that already have their own tokens, calling these deals “strategic partnerships” rather than regular investments. While the company acknowledged market-making activities, it also stated that it keeps the majority of its investments on centralized exchanges, denying any intention to manipulate markets or engage in unethical practices.
