Market maker and investment firm DWF Labs has invested $10 million in blockchain infrastructure provider Orbs Network through a token sale. The news boosted the price of the native ORBS token with a market cap of $85 million, up almost 15 percent to 3.4 cents before retracing.
Orbs recently launched its flagship Layer 3 product, a decentralized “time average price” or dTWAP, a protocol for decentralized exchanges. Both Orbs and DWF are heavily involved in the TON ecosystem developed by the founders of Telegram Messenger.
“Orbs is a very promising project in the TON ecosystem and we are excited to invest in their vision for the future of decentralized finance. Their dTWAP protocol for decentralized transactions and contributions to the TON ecosystem demonstrate their Committed to driving growth potential and innovation in the field,” DWF Partner Lab Andrei Grachev said in a statement.
Founded in 2017, Orbs provides public blockchain infrastructure designed to provide scalability, low transaction fees, fast performance, security, and ease of use. The platform is suitable for large-scale usage applications with high fees and low throughput, and can be used as the backend of a complete blockchain technology stack. Mainnet tokens and ORBS launched in early 2019.
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According to Coindesk