Reef Finance Raises $3.9M for Cross-Chain DeFi on Polkadot

As the limitations and costs of running decentralized finance (DeFi) apps on Ethereum continue to ride high, a growing list of projects are lining up on competing blockchains.

Adding to this trend, Polkadot-based Reef Finance has closed a $3.9 million seed funding round for its cross-chain suite of DeFi services, the company announced Wednesday. Included in the round were NGC Ventures, AU21 Capital, QCP Capital, Kenetic Capital and Woodstock Fund.

Reef aims to solve the high technical barrier investors face when attempting to participate in DeFi, said Reef Finance CEO Denko Manceski, not to mention doing away with gas fees on Ethereum that are currently running at near-record highs.