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About DWF Labs
DWF Labs is a Web3 investment firm and market maker. Its core business spans three areas: market making, OTC trading, and venture investment. The company provides liquidity for crypto projects, offers large-scale OTC trading services for institutional clients, and supports early-stage projects through investment and operational assistance.
Its competitive edge lies in an ecosystem-centered investment model. Beyond capital, DWF Labs actively participates in product optimization, market entry planning, strategic partnerships, and exchange connectivity. It also runs developer programs and hackathons to expand project ecosystems. The company states it has built a portfolio of over 1,000 projects.
A key market pain point DWF Labs addresses is the liquidity gap in tokenized real-world assets (RWAs). In a recent report, it noted that over $31 billion in tokenized RWAs exist on-chain, but less than 10% of that capital is actively used in DeFi. Three structural barriers were identified: pricing challenges due to delayed net asset value updates, settlement and redemption delays that can take days, and regulatory transfer restrictions including KYC checks. DWF Labs argues that solving these liquidity issues is essential for tokenization to scale beyond a niche institutional story.
In the past six months, DWF Labs launched a $75 million DeFi fund focused on perpetual DEXs, money markets, and yield protocols. The fund targets teams with mature MVPs and strong visions, prioritizing projects that address structural issues in DeFi such as liquidity, settlement, credit, and risk management. Additionally, DWF Labs commented on Nasdaq's extended trading hours, noting that near-continuous monitoring of regulated markets improves pricing efficiency for on-chain perpetual contracts by providing higher-quality oracle reference prices and reducing basis risk.
DWF Labs, a prominent Web3 venture capital and market-making firm, has demonstrated strategic growth through key milestones. The firm expanded into traditional finance by announcing plans to grow its gold trading business and increase gold reserves. In the crypto space, DWF Labs completed a $1 million seed investment in a DeFi project, showcasing early-stage commitment. Its market-making activities drew attention when approximately 2.8 million USDT was transferred to an anonymous address, followed by similar transfers of 6 million USDC. The firm's involvement in the SIREN token was notable, with reports suggesting actual control of up to 88.5% of the dealer, and subsequent transfers of nearly 3 million SIREN tokens valued at around $2.73 million. Regarding market sentiment, DWF Labs partners denied claims of being bearish on altcoins, calling such reports false information. Instead, the co-founder indicated increased holdings in altcoins, Bitcoin, and BNB, positioning for a market rebound. Looking ahead, DWF Labs projected that the perpetual contract market would introduce significant new liquidity by 2026, reinforcing its forward-looking approach.
Over the past six months, DWF Labs made key strides in regulatory expansion and investment. In September 2026, it obtained a VASP licence from the BVI Financial Services Commission, enabling regulated OTC trading, market making, and services linked to virtual asset offerings . It also launched a $75M DeFi Fund targeting liquidity infrastructure, money markets, and sustainable yield, while prioritising RWA (real-world asset) infrastructure that bridges traditional collateral with DeFi composability . Officially, the firm will continue expanding its regulatory footprint across global markets and deepen support for DeFi primitives and RWA tokenisation infrastructure .
Co-founder: Heng Yu Lee (Founding Partner). Core executives: Andrei Grachev (Managing Partner), Lingling Jiang (Partner), Zac Zou (Partner), Stefano Virgilli (VP Digital Initiatives), Lydia Kwon (VP Partnerships), Alessia Baumgartner (VP Ecosystems), Kimo (VP). Heng Yu Lee co-founded DWF Labs, driving strategic vision. Andrei Grachev oversees daily operations and investments, representing the firm in key partnerships. Lingling Jiang and Zac Zou lead business development. Stefano Virgilli manages digital initiatives, Lydia Kwon handles partnerships, Alessia Baumgartner fosters ecosystem growth, and Kimo supports VP-level operations.
DWF Labs recent team change: Martin Lee joined in May 2026 as Content & Market Insights Lead. He has published articles on CoinDesk focusing on RWA perps. This hire strengthens the firm's market insights and content capabilities.