Alameda Research announced that it has invested $20 million in DeFi cross-chain operating system REEF Finance. They did so by buying REEF Tokens, which has made them a significant stakeholder in the REEF ecosystem.
REEF Finance CEO Denko Mancheski spoke on the news. “As our company expands into the next stage of growth, I am delighted to welcome Alameda Research to the Reef Finance budding ecosystem. We’re excited to incorporate this investment to further our trajectory and for the development of the Reef chain for DeFi applications of the future.”
This move will also see the formation of strategic cooperation. That could open doors for the protocol to engage with further partners of Alameda Research in the near future.
With their latest investment, Alameda Research has furthered its involvement in cross-chain liquidity within the crypto industry. By doing so, it allows it to implement more integrations with Serum and Raydium on the Solana network.
Latest Token Sale By REEF Finance
This is the latest token sale round held by REEF Finance recently. The DeFi project raised $3.9 million in a private token sale back in October of 2020. That round, however, was backed by multiple venture firms including NGC Ventures and QCP Capital. This time, Alameda was the sole investor and REEF Finance’s “first bigger investor,” as Mancheski added.
REEF is a cross-chain liquidity and yield farming aggregator and the first cross-chain DeFi operating system that’s built on Polkadot. They connect crypto traders on a single platform and support centralized and decentralized exchanges.
With this new investment, Mancheski says that Reef will look to develop its protocol further for the main net release. Reef will also implement cross-chain integrations with decentralized exchange Serum on Solana. Serum was originally built on Solana and initiated by a group that included Alameda team members.
Mancheski also added that the project plans to run bug bounty and developer grant programs.