PROM soars 90% following DWF Labs’ CEO investment announcement

DWF Labs head Andrei Grachev revealed his personal investment in Prom, propelling the project’s token up by 90%.

Prom’s (PROM) has jumped by over 90% in a matter of a few hours after DWF Labs CEO Andrei Grachev publicly confirmed he has backed the project. According to CoinMarketCap, PROM in a moment surged to $14.6, a level last seen in December 2021.

Prom is a gaming non-fungible token (NFT) marketplace and rental platform, which facilitates uncollateralized rentals of NFTs and mortgage services. Through this platform, players gain access to renting gaming assets devoid of any collateral requirement, while also providing an avenue for lending out their assets to fellow players for additional profits.

Although the size of the investment was not disclosed, Grachev pledged to “hold coins for at least one year and support the project properly.” He also noted that the investment was solely made by himself, with DWF Labs maintaining no involvement in the transaction.

DWF Labs is known due to its unconventional approach to investments in the crypto space. While it presents itself as a venture capital firm, DWF Labs’ operations more closely resemble those of an over-the-counter trading desk, as CoinDesk revealed in April 2023.

Instead of doing investments the usual way, DWF Labs seems to be making deals on the spot with projects that already have their own tokens, calling these deals “strategic partnerships” instead of regular investments. While the firm acknowledged market-making activities, it also asserted that it keeps most of its investments on centralized exchanges, denying any intention to manipulate markets or engage in unethical practices.