Huawei recently released a promotional video on its official Twitter account showcasing its new cryptocurrency token, Defactor. It has gained strong attention from various crypto-enthusiasts online within the past 24 hours.
At the end of last year, Huawei and Dublin’s Dogpatch Labs formed a partnership to help a number of Irish startups grow and branch out globally. This alliance included the selection of ten Irish start-ups to join an accelerator program administered by Dogpatch Labs. Additionally, Huawei was set to offer market access, technical expertise, and guidance to those participating startups.
.@defactor_ is a start-up that bridges traditional financing to the new world of #DeFi. Check out their journey at the Huawei International Scale-Up Programme in Ireland delivered by @dogpatchlabs. Watch now: https://t.co/yVwZuyPx0O
— Huawei (@Huawei) February 21, 2023
What was the Response?
Huawei’s DeFi video has had a positive outcome, causing the project’s Defactor token (FACTR) to rise 530% in the last 24 hours. Furthermore, this move was successful in increasing the cost of the entire project.
After examining FACTR’s previous market value, it was estimated to be around 2-3 million dollars before Huawei’s involvement. However, Huawei raised some eyebrows by circulating such an obscure and undesirable cryptocurrency. And now, this altcoin’s growth rate has reportedly increased by more than 3000% within the last month.
The Significance of Defactor
Huawei initiated its journey by selecting 10 start-ups from Dublin, including several Start-ups of the Week to take part in the boot camp. Later, Huawei went on to introduce Defactor to these startups, as an integration layer designed to help traditional companies explore the vast potential of decentralized finance (DeFi) using their existing systems.
This set of tools is not only beneficial to established, experienced institutions, but it also makes it simpler for newcomers to become acquainted with blockchain technology by creating a more comfortable connection. Defactor is leading the charge in real-world asset transformation, providing SMEs with alternative financing options through the tokenization of assets. Furthermore, Defactor is pioneering a finance platform for various Fintechs and Family Offices.
