Alameda Research invests $ 4 million in Vietnamese DeFi project

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Alameda Research has broadened its investment portfolio by allocating $ 4 million to Coin98 Finance, a burgeoning DeFi platform from Vietnam, according to Chinese fintech store ChainNews.

Coin98 Ventures, the venture capital firm behind Coin98, is said to operate the largest cryptocurrency fund in Vietnam and is also a major backer of the Solana Ecosystem Fund, which recently raised $ 40 million in strategic investments. from major digital currency exchanges.

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As ChainNew notes, Coin98 operates a decentralized exchange and wallet, with trading volumes totaling $ 20 million in March. The exchange has around 200,000 users, mostly in Southeast Asia.

Alameda Research is a quantitative investment firm that manages over $ 100 million in digital assets. It also operates FTX, one of the largest derivatives exchanges in all of crypto, with reported trading volumes of $ 11.3 billion as of Tuesday.

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Alameda is in the midst of an investment frenzy, as the company looks to expand its balance sheet and carve out a stronger position in the cryptocurrency industry. In March, Alameda invested $ 2 million in Efficient Frontier, a Tel Aviv-based algorithmic market maker. In the same month, Alameda allocated $ 20 million to Reef Finance, a Polkadot-based DeFi platform.

The DeFi market hit a major milestone on Tuesday after surpassing $ 100 billion in total locked-in or TVL value. As TBEN reported, the DeFi industry’s TVL was below $ 21 billion at the start of 2021.

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