The token will purchased from TokenFi’s treasury.
The investment will help TokenFi develop AI-based products.
Crypto trading fund DWF Labs will purchase $10 million of TokenFi’s TOKEN over a two-year period as part of a planned move to develop a suite of products, TokenFi developer “B” told CoinDesk in a Telegram message on Tuesday.
The tokens will be purchased from TokenFi’s treasury. This will ensure that the treasury has the resources to develop new products that incorporate artificial intelligence (AI), such as the TokenFi Generative AI for non-fungible tokens (NFTs) and a smart contract auditor.
“This will give TokenFi an edge as the tokenization and AI wave catches on heading into what will be crypto’s most explosive bull run,” B shared in the message.
TokenFi enables users to launch or tokenize assets using its online interface. It was started in 2023 as a sister project to Floki, a former dog-themed meme coin that has since pivoted into a metaverse and decentralized finance platform.
TOKEN is down 3% in the past 24 hours, CoinGecko data shows. Meanwhile, the broader CoinDesk 20 index (CD20) is up over 5%.