Polkadot-based Reef Finance said trading firm Alameda Research has made a $20 million investment by purchasing REEF tokens.
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.
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.
A source with knowledge of the Reef Finance investment said Alameda may soon up its REEF holdings beyond the announced $20 million.
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