DWF Labs has invested $16 million in RACA, a Web3 gaming ecosystem company, as part of a deal that includes purchasing an unspecified amount of RACA tokens.
The investment will help RACA in achieving its goal of becoming an expansive Web3 gaming ecosystem. RACA was founded in 2021 as a manager of non-fungible tokens (NFTs) by Maye Musk, the mother of Elon Musk.
The company has already launched a range of products including a sandbox game, a social party game, a cross-game DID wallet and an NFT marketplace.
DWF Labs is an investment firm and market maker that has been very active in the crypto market recently. The company has invested $20 million in the derivatives trading platform Synthetix and $40 million in the AI-focused crypto protocol Fetch.ai. The RACA token was trading flat at $0.0001946 at the time of publication, according to CoinMarketCap.
RACA’s Web3 gaming ecosystem is poised to benefit from the investment from DWF Labs, which will allow the company to expand its offerings and continue to innovate in the NFT and gaming space.
