Alameda Analysis Pumps $20M Into Cross-Chain DeFi Platform Reef Finance

Polkadot-primarily based Reef Finance reported buying and selling firm Alameda Exploration has made a $20 million financial commitment by purchasing REEF tokens.

In an announcement Friday, the organization stated Alameda Exploration has become a significant stakeholder in the cross-chain decentralized finance (DeFi) system. Reef previously introduced a $3.9 million funding round last September with backing from NGC Ventures, Kenetic Capital and other individuals.

The Alameda investment decision signifies a substantial wager on DeFi traction outside of Ethereum, the leading location for bank-like economic programs built on the blockchain. Desire for these kinds of services has created DeFi a $42 billion issue but has also driven up gasoline costs on Ethereum to report highs.

Notably, Reef Finance explained Alameda, a main backer of the large-throughput Solana blockchain, will aid the task construct its very first bridge in between Polkadot and Solana.

“We’re psyched to incorporate this investment decision to further more our trajectory and for the progress of the Reef chain for DeFi applications of the future,” Reef CEO Denko Mancheski explained in a statement.

In February, Alameda Investigation introduced it was primary a $40 million expense in Oxygen, which is developed on Solana. Oxygen’s suite of DeFi applications are envisioned to be created into, a commonly made use of vacation app in which Alameda is also invested.

A supply with know-how of the Reef Finance financial investment stated Alameda may well shortly up its REEF holdings past the introduced $20 million.