Following investments in the travel app Maps.me and decentralized finance protocol Oxygen, Alameda Research will invest $ 20 million in Reef Finance, a Bolcadot-powered DeFi platform.
According to Reef Finance, Alameda Research will acquire the company’s original tokens for $ 20 million, REEF for approximately $ 528 million at the current price of $ 0.03787. The investment will reportedly allow the two companies to collaborate on technology and strategy “in the near future.” Reef CEO Denko Mancheski added that the extra funds will help the company develop DeFi applications for the Reef blockchain.
$ 20 million in Reef comes from a $ 40 million investment in Solana-powered lending platform Oxygen and $ 50 million in Maps.me, a travel and map app with approx. 140 million users worldwide. On the reef side, Alameda said it is targeting more cross-mergers from Serum and Raydium to Solana.
Reef was the first project run by Polkadot to debut at Binance Launchpool in December. Since the beginning of the year, the REEF price has risen more than 150% from $ 0.014954 to $ 0.037808 at the time of publication.