Polkadot DeFi Gateway Reef Finance Gets $20 million from Alameda Research

Polkadot DeFi Gateway Reef Finance Gets $20 million from Alameda Research

By Novasky | CryptoEd | 13 Mar 2021


Polkadot is hot these days with every invested blockchain project in it's ecosystem making some name and earning funding this year. One such project that has got some decent funding for it's DeFi effort is REEF.

Reef finance is one of the first cross chain DeFi operating system built on the top of the Polkadot blockchain. It's Reef Yield Engine is designed to handle various trading operations like staking, trading, lending, borrowing under single user interface. REEF also has it's own token named $REEF which is available for CEX and DEX investors in the platform. 

Alameda Research which is into the blockchain trading space for some years has now decided to invest into the REEF finance. Reef finance in it's recent tweet mentioned about getting $20m worth of investment into the liquidity project collaboration. This also means Alameda has invested it's stake into the REEF tokens as well. 

 

 

Where is the fund going to be invested? 

Considering the REEF is built on the top of the Polkadot parachain. It is going to be implementing a lot of cross chain projects like say - SOLANA. They will be also moving the cross chains on the Binance Launchpool which indicates that the growth of this collaboration between the two companies would be helping them recover the funds and invested time rather quickly. 

You can expect the $REEF token to slowly climb the 0.05USD mark range and move ahead as it takes off with the Binance launchpool ecosystem. 

What it means for the Polkadot Community?

If you are not invested into the REEF, you can think of this as more of usecase for the Polkadot where it shows you few DeFi projects which are successful under the parachain and cross chain functionality. This means you have the case studies of what's working and what didn't work in the blockchain and parachain ecosystem. This only helps Polkadot with more progress and reduces the future mistakes if it learns from projects in it's Blockchain. 

Reef Finance being a multi chain blockchain DeFi there are many possibilities. You are going to see it's growth fueling the growth of the Polkadot in return. 

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Novasky
Novasky

Crypto Blogger and Open Source Developer.


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