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Alameda Research Pumps $20M Into Cross-Chain DeFi Platform Reef Finance
Sam Bankman-Fried's investment shop has bought $20 million in REEF tokens, with an eye to purchasing more.
Polkadot-based Reef Finance said trading firm Alameda Research has made a $20 million investment by purchasing REEF tokens.
STORY CONTINUES BELOW
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In an announcement Friday, the firm said Alameda Research has become a significant stakeholder in the cross-chain decentralized finance (DeFi) platform. Reef previously announced a $3.9 million funding round last September with backing from NGC Ventures, Kenetic Capital and others.
The Alameda investment represents a significant bet on DeFi traction outside of Ethereum, the leading venue for bank-like financial applications built on the blockchain. Demand for such services has made DeFi a $42 billion concern but has also driven up gas fees on Ethereum to record highs.
Read more: Reef Finance Raises $3.9M for Cross-Chain DeFi on Polkadot
Notably, Reef Finance said Alameda, a major backer of the high-throughput Solana blockchain, will help the project build its first bridge between Polkadot and Solana.
"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," Reef CEO Denko Mancheski said in a statement.
In February, Alameda Research announced it was leading a $40 million investment in Oxygen, which is built on Solana. Oxygen's suite of DeFi tools are expected to be built into Maps.me, a widely used travel app in which Alameda is also invested.
A source with knowledge of the Reef Finance investment said Alameda may soon up its REEF holdings beyond the announced $20 million.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
