Alameda Leads $40 Million Financing Round for DeFi Project Oxygen

The DeFi startup Oxygen, which provides prime brokerage services, closed a $40 million financing round, according to The Block.

The funding round was led by Alameda Research, with Multicoin, Genesis Capital and CMS joining the round.

The Oxygen protocol will be launched within the Serum decentralized ecosystem built on the Solana blockchain.

Sam Bankman-Fried, the CEO of FTX and an adviser to Serum and Oxygen, noted that the speed and lower transaction costs on the Solana network enable more sophisticated solutions than simple borrowing and lending instruments.

“DeFi could reach 1 billion users and $10 trillion in the network. But projects are constrained by high fees, congestion, and scalability issues,” he added.

Oxygen helps users access liquidity, leverage, yield generation, and short-term loans. According to Bankman-Fried, the protocol differs from traditional prime brokers. Rather, it acts as a marketplace serving the needs of DeFi applications, financial institutions, and individual users, he explained.

The project also announced an integration with the Maps.me offline navigation service wallet, which has more than 100 million users.

Earlier in January, Alameda Research led a seed round of financing for Maps.me worth $50 million.

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