Alameda Research Allocates $4M To Coin98 Finance
The DeFi market is on its way to expand and set its footprint in the Asian market. Alameda Research allocates $4miilion to Coin98 Finance. The exclusive deal marks the growth of DeFi across the Asian region, as the trading platform identifies the Southeast Asian market as a potential growth capital.
Coin98 Finance is a budding DeFi platform from Vietnam. The VC behind Coin98 Finance, Coin98 Ventures is one of the biggest cryptocurrency fund in Vietnam which supports the Solana Ecosystem Fund. As reported by the news outlet ChainNews, Coin98 functions as a decentralized exchange and wallet, that encountered transaction volumes up to $20 million in March. Coin98 has around 200,000 users in its platform covering the South Asian market.
Alameda is an investment firm that administers over $100 million in digital assets. It also operates one of the derivatives exchange of crypto exchange, FTX. It reported trade volumes of $11.3 billion on 6th April. Alameda is widening its net by investing in cryptocurrency sectors, thereby strengthening its position. Alameda invested $2 million in Efficient Frontier, a Tel Aviv-based algorithmic crypto market maker, and $20 million to Reef Finance, a Polkadot-based DeFi platform. The following investments are propelling the confidence in DeFi market’s successful growth in the Asian market and the popularity would eventually pace up.
Sharing the same vision with @AlamedaResearch about the mass adoption of #DeFi, we at @coin98_labs are excited about the journey ahead. Please read the full article by #Forbes here 👇https://t.co/DzEzhruL3f pic.twitter.com/q0meyJlBWP — Coin98 Wallet (@coin98_wallet) April 6, 2021
Thanh Le, the CEO of Coin98 Finance said:
I think every VCs in the world have their own investment thesis, but from what I’ve seen from all the western funds who are interested in Coin98, here are things that they are all on the same page: Before we started doing a raise, we already built Coin98 Wallet and quickly acquired 200,000+ users in Asia. The product is quite established and captured a decent market shares in Southeast Asia markets. Compare with thousands of blockchain projects who only come up with only an idea, we already ship the product out and being used by hundred thousands people across Asia.
Coin98 Finance has been working on establishing projects including Coin98 Wallet, crypto’s first cross-chain browser and mobile wallet which has significantly seen a good amount of adoption in Asia.
The DeFi ground in Asia has to start from scratch. It can only be strengthened with the help of the local market. Whereas the DeFi bluechips like SushiSwap, Uniswap, Aave, and Compound have just begun to gain traction in the South Korean exchanges. Kakao’s Klaytn and Terra remain the most popular DeFi projects in the region.
Coin98 observed that people are switching to PancakeSwap, an automated market-maker for Binance Smart Chain for trading activity than UniSwap, an AMM for Ethereum. This can be taken into conclusion that the user activity in Asia are opting for blockchain that are cheaper, convenient and easy to use. However, DeFi is quickly gaining traction in Vietnam, South Korea, and Japan along with the added contributions of the experienced teams in optimizing the infrastructure around DeFi.
Source: Cointelegraph | forbes.com
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