The DeFi business is also heating up, according to Alameda Research, which sees Southeast Asia as a future development center.
As per Chinese financial technology website ChainNews, Alameda Research has increased its investment portfolio by assigning $4 million to Coin98 Finance, a promising decentralized finance network from Vietnam.
Coin98 Ventures, the company behind Coin98, is said to run Vietnam’s largest digital currency fund and is a significant supporter of the Solana Ecosystem Fund, which previously earned $40 million in strategic funding from big digital currency platforms.
Coin98 is a decentralized exchange and wallet, according to ChainNews, with transfer amounts of $20 million in March. The platform has about 200,000 members, the majority of which are from Southeast Asia.
Alameda Research is a quantitative wealth management company with over $100 million in digital assets under management. It also runs FTX, one of the biggest derivatives markets in the world, with $11.3 billion in trading amount as of Tuesday.
Alameda is now in the wake of an acquisition boom as it tries to strengthen its position in the blockchain market and boost its capital structure. Alameda made a $2 million investment in Efficient Frontier, a Tel Aviv-based algorithmic cryptocurrency market maker, in March. Alameda also invested $20 million in Reef Finance, a Polkadot-based DeFi network, in the same period.
Recently, the DeFi industry reached a significant landmark, surpassing $100 billion in gross value locked. The DeFi industry’s TVL is a little less than $21 billion at the beginning of 2021, according to Cointelegraph.