The investment will reportedly allow Reef to implement more cross-chain integrations with Serum and Raydium on Solana.
After investing in travel app Maps.me and decentralized finance protocol Oxygen, Alameda Research will be putting $20 million into Reef Finance, the Polkadot-based DeFi platform.
According to Reef Finance, Alameda Research will be purchasing $20 million worth of the firm’s native tokens, REEF — roughly 528 million at the current price of $0.03787. The investment will reportedly allow the two companies to collaborate on technology and strategy “in the near future.” Reef CEO Denko Mancheski added the additional funds would help the firm develop DeFi applications for the Reef blockchain.
The $20 million in Reef comes after a $40 million investment in Solana-based lending platform Oxygen and $50 million in Maps.me, a travel and mapping application with more than 140 million users worldwide. With Reef, Alameda said it was aiming for more cross-chain integrations with Serum and Raydium on Solana.
Reef became the first Polkadot-based project to debut on the Binance Launchpool in December. Since the beginning of the year, the price of REEF has risen more than 150% from $0.014954 to $0.037808 at the time of publication.