Alameda Research has bought about 20 million worth of Reef tokens from the DeFi Project. This purchase makes the crypto market maker the biggest investor in the Reef finance project, which according to its CEO Denko Mancheski, had raised over $3.9 million in private token sale in its first round. At that time, the company was backed by QCP capital and NGC ventures.
Reef finance is a project committed to making investing in DeFi easy. It is doing this by providing liquidity aggregation, multi-chain investment, and proprietary analytics, which helps to optimize yields. Also, the dApp is aggregating liquidity from centralized exchanges (CEX) as well as decentralized exchanges (DEX). That aside, it is also working hard to lower barriers to DeFi by offering an all-in-one DeFi solution.
While it is widely agreed that DeFi is likely to become the future of the traditional financial system, having access to protocols like Reef could prove beneficial in the long run. This could explain why Alameda research is interested in buying tokens of the project. Presently, Reef is already connecting crypto traders on its platform since it is able to provide support for both DEX and CEX.
According to Mancheski, the Polkadot-powered Reef is looking to expand its team thanks to the fresh capital and it is also working on developing its protocol for mainnet release. Mancheski added that the project intends to raise more funds and develop bigger programs in the future.
Reef also plans to implement its cross-chain integration on Solana with Serum. It is important to note that Serum is a DEX built on Solana. Solana is a crypto project built by a team of developers which include those from Alameda research.