Share this article
Alameda Research Pumps $20M Into Cross-Chain DeFi Platform Reef Finance
Sam Bankman-Fried's investment shop has bought $20 million in REEF tokens, with an eye to purchasing more.
Updated May 9, 2023, 3:17 a.m. Published Mar 12, 2021, 3:46 p.m.
Polkadot-based Reef Finance said trading firm Alameda Research has made a $20 million investment by purchasing REEF tokens.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In an announcement Friday, the firm said Alameda Research has become a significant stakeholder in the cross-chain decentralized finance (DeFi) platform. Reef previously announced a $3.9 million funding round last September with backing from NGC Ventures, Kenetic Capital and others.
The Alameda investment represents a significant bet on DeFi traction outside of Ethereum, the leading venue for bank-like financial applications built on the blockchain. Demand for such services has made DeFi a $42 billion concern but has also driven up gas fees on Ethereum to record highs.
Read more: Reef Finance Raises $3.9M for Cross-Chain DeFi on Polkadot
Notably, Reef Finance said Alameda, a major backer of the high-throughput Solana blockchain, will help the project build its first bridge between Polkadot and Solana.
"We're excited to incorporate this investment to further our trajectory and for the development of the Reef chain for DeFi applications of the future," Reef CEO Denko Mancheski said in a statement.
In February, Alameda Research announced it was leading a $40 million investment in Oxygen, which is built on Solana. Oxygen's suite of DeFi tools are expected to be built into Maps.me, a widely used travel app in which Alameda is also invested.
A source with knowledge of the Reef Finance investment said Alameda may soon up its REEF holdings beyond the announced $20 million.
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Amplify ETFs targeting stablecoin and tokenization sectors open for trade
The two funds — STBQ and TKNQ — each come with a 69 basis point expense ratio.
What to know:
- Asset manager Amplify ETFs has brought to market two funds offering exposure to stablecoins and tokenized assets.
- STBQ focuses on stablecoin technology, while TKNQ focuses on tokenization technology, tracking specific MarketVector indexes.
- The funds each come with a 69 basis point expense ratio.
Top Stories
