The latest trend in the crypto space is that many Blockchain protocols and technologies have resorted to expansion to cope with the growing demands of the booming crypto sphere. Many of these blockchain platforms have resorted to the funding of different nature to expand their service. The latest Blockchain platform to receive investment for its development is DeFi cross-chain system, Reef Finance. Alameda Research, one of crypto’s leading trading services firms, has now confirmed that they have supported Reef Finance with a whopping $20 million to bolster its development in the DeFi.
Alameda now a Stakeholder in Reef
Reef Finance’s website’s official announcement has confirmed that they have received $20 million from Alameda Research. The quantitative trading firm founded in 2017, Alameda Research, is not new to this kind of news, as they have equally been supporting other Blockchain protocols before now. However, this will be the first time it will be offering support towards Reef Finance. On the other hand, Reef Finance, one of Polkadot’s cross-chain systems, has been very successful recently, and it is no surprise why they are Alameda’s choice for investment.
The $20 million investment in Reef Finance by Alameda was made by the purchase of the protocol’s native token, REEF. in the announcement by both parties, there is a confirmation that with the new investment, Alameda is now one of the largest shareholder’s in Reef Finance. The new partnership between these two Blockchain platforms is set to birth innovations, as it is believed that Reef Finance will leverage on the business exposure of Alameda. In Alameda’s statement, they expect that while they are now partners with Reef Finance, they would love to continue to partner with other Reef Finance stakeholders, and they open to providing the same support for the cross-chain Blockchain Protocol.
Denko Mancheski believes the funding came at the right time
The CEO of Reef Finance, Denko Mancheski, has also expressed his delight with the new support from Alameda Research. Mancheski believes that the new funding has come at the right time for Reef, as it sets development on the topmost of its activities at the moment. He believes that the new fund will further make Reef Finance the most sought-after DeFi spaces in the crypto community. Mancheski also believes that the new investment will allow Reef to develop and build new blockchain technologies to delight its users.
It is also worthy to note that Alameda already provides support for both Serum and Raydium, both on the Solana Network. However, Alameda has also reiterated their desire to improve the fortunes of both further, as they are now set to witness more integrations. On the other hand, Reef Finance’s new investment further shows that the young DeFi space is growing and continues to attract investors. However, it will be the delight of many in the crypto space to continue to witness such expansions, especially in the DeFi space, as it becomes a mainstay.