Alameda Research is going to invest $20 million into Reef Finance, the Polkadot-based DeFi platform, to implement more cross-chain integrations with Serum and Raydium on Solana.
It has been reported that Alameda Research will be purchasing $20 million worth of the firm’s native tokens, REEF, around 528 million at the current price of $0.03787.
However, 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.
More cross-chain integrations could be on their way for @ReefDeFi thanks to a $20M investment from Alameda Research. Is this the beginning of a DeFi explosion on @Polkadot and @ProjectSerum? https://t.co/mJ7SrvFpxo (Reporting via @onceatraveler) — Cointelegraph (@Cointelegraph) March 13, 2021
The report said that 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.
Thus, Reef became the first Polkadot-based project to debut on the Binance Launchpool in December.
Source: Cointelegraph