As a result of the recent turmoil in the cryptocurrency market caused by the failure of the FTX crypto exchange, several projects have taken a significant blow.

In response, DWF Labs, a market maker that offers liquidity to cryptocurrency projects, along with Binance Labs funds are assisting those iniatives that are struggling . 

Notably, DWF Labs has provided an initial sum of $15 million to assist troubled protocols as part of the Web3 Industry Recovery Initiative (IRI) being led by Binance Labs, according to information obtained by Finbold through Etherscan data.

DWF Labs commented on November 29:

“In line with our commitment to support the recovery of the Web3 industry, DWF Labs has allocated an initial $15m to support distressed protocols through the Binance Labs’ Web3 Industry Recovery Initiative.”

The market maker added:

“We believe that it is paramount to support builders in this challenging time, and we remain committed to providing financial support to the most promising and highest-quality companies that need it most.”

(By Jordan Major)