June 15, 2021

Alameda Invests $20M in Polkadot-Based Reef Finance

1 min read

The cost of Reef Finance’s native token has leapt 30.82%, as Alameda Research has actually exposed a $20 million investment.

Alameda Invests in Reef

Alameda Research has announced a $20 million investment in Reef Finance. The investment amount will go toward purchasing the task’s governance token, REEF.

In addition to investing, Alameda Research will collaborate with Reef. The 2 firms aim to develop a bridge in between the Polkadot and Solana blockchains. The tactical collaboration will likewise integrate Reef with the FTX-backed Serum DEX and Raydium on Solana.

Reef Finance is a multi-purpose DeFi engine. It supplies different functions, such as liquidity provision and performance aggregation in between numerous yield farming and financing platforms. Thanks to Polkadot, it uses assistance for multiple blockchains.

Founded by Sam-Bankman Fried, Alameda is one of the leading OTC desks for Bitcoin purchases. Recently, Alameda Research invested in the mapping service Maps.me and the DeFi platform Oxygen. It has also made investments in different start-ups working on medication, artificial intelligence, and blockchain.

REEF’s Market Value Gets a Boost

The overall market capitalization of the REEF token crossed $500 million as its token leapt 30.82% within a number of hours of Alameda’s investment announcement.

reef finance
Reef Finance rate chart. Source: Coingecko

The REEF token is most likely to deal with resistance at $0.055, a cost point that marked its peak worth in February.

Disclosure: The author held Bitcoin at the time of press.