Polkadot-based DeFi project Reef Finance raises $20 million

Venture firm Alameda Research purchased Reef Finance project tokens in a funding round for $20 million.

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“Alameda is our largest investor,” said Reef Finance CEO Danko Manchevski.

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The funds will be used to expand the team, further development, and launch the mainnet. In addition, Reef Finance plans to launch a Bug Bounty program and grant developers.

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The project also intends to implement cross-chain integration with the FTX- and Alameda Research-backed decentralized exchange Serum on the Solana blockchain.

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Reef Finance provides cross-chain solutions and opportunities for yield farming on the Polkadot platform, supporting non-custodial and centralized exchanges.

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Earlier in February, venture firm Digital Finance Group announced a $20 million commitment to support the Polkadot ecosystem.

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