Alameda Research invests $4M in Vietnamese DeFi project

Alameda Analysis has expanded its funding portfolio by allocating $four million to Coin98 Finance, an up-and-coming decentralized finance platform from Vietnam, based on Chinese language fintech outlet ChainNews.

Coin98 Ventures, the enterprise capital agency behind Coin98, reportedly operates the largest cryptocurrency fund in Vietnam and can also be a key backer of the Solana Ecosystem Fund, which lately raised $40 million in strategic investments from main digital forex exchanges.

As ChainNews notes, Coin98 operates a decentralized trade and pockets, with transaction volumes totaling $20 million in March. The trade boasts of roughly 200,000 customers, primarily in Southeast Asia.

Alameda Analysis is a quantitative funding agency that manages over $100 million in digital belongings. It additionally operates FTX, one of many largest derivatives exchanges in all of crypto, with reported commerce volumes of $11.three billion as of Tuesday.

Alameda is within the midst of an funding frenzy as the corporate seeks to increase its stability sheet and carve out a stronger place inside the cryptocurrency sector. In March, Alameda invested $2 million in Environment friendly Frontier, a Tel Aviv-based algorithmic crypto market maker. Throughout the identical month, Alameda allotted $20 million to Reef Finance, a Polkadot-based DeFi platform.

The DeFi market achieved a serious milestone on Tuesday after breaking $100 billion in complete worth locked. As Cointelegraph reported, the DeFi sector’s TVL was lower than $21 billion in the beginning of 2021.