After settling its first physical gold trade, crypto-focused market maker DWF Labs has expanded into physical products, an unusual move for a crypto-native company as precious metal prices continue to hit record highs.
Managing partner Andrei Grachev said on Monday that DWF Labs had “just finalized its first gold transaction,” which he described as a test tranche containing one 25-kilogram gold bar. Grachev said the company plans to expand its business with a view to trading physical silver, platinum and cotton.
Notably, this transaction was completed using traditional bullion storage and payments infrastructure, rather than blockchain-based rails.
The move stands out as many crypto-native companies focus on tokenizing real-world assets. In contrast, DWF Labs has been directly involved in traditional commodity markets in gold trading.
The timing reflects the strong momentum in commodity markets this year. Gold and silver prices have outperformed much of the crypto sector as investors seek a hedge against macroeconomic uncertainty.
Gold futures recently hit an all-time high of more than $4,500 per troy ounce, continuing a year-long rally fueled by central bank buying, geopolitical risks and hopes of an eventual rate cut. By comparison, Bitcoin (BTC) and the broader cryptocurrency market have seen more modest price movements over the same period.
DWF Labs has expanded its focus on digital assets beyond products. The company has launched multiple investment vehicles aimed at supporting cryptocurrency adoption, including a $250 million liquid fund focused on supporting the expansion of mid-sized blockchain projects and a $75 million institutional DeFi fund.
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DWF Labs’ move into physical products appears to reflect a broader trend of crypto-native companies gradually branching out into legacy markets to diversify revenue, acquire new customers, and expand their reach beyond pure digital assets.
Other companies are pursuing parallel, albeit different, strategies. Coinbase, for example, has outlined its ambitions to become a so-called “everything exchange” with plans to allow companies to tokenize their stocks for 24-hour trading.
“We believe that eventually everything will be tokenized, and bringing stocks to Coinbase is an important milestone in making stock tokenization a reality,” Coinbase said in a blog post.
According to Bloomberg, Deutsche Bank Research analysts said the move could “significantly expand[Coinbase’s]addressable market” to both retail and institutional customers, while helping offset potential future pressure on retail crypto trading volumes.
Several crypto companies, including stablecoin issuer Circle and digital asset management company BitGo, are also seeking entry into the traditional banking system through bank and trust charters, and are pursuing regulated bank and trust structures to expand their financial service offerings.
Related: Coinbase is ‘cautiously optimistic’ about 2026 as crypto approaches institutional inflection point
