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Alameda Invests $40 Million in Robinhood-like Crypto Startup Oxygen
Oxygen is built on Solana, a blockchain that can handle up to 50,000 transactions per second, which is miles ahead of Ethereum that can only process a maximum of 15 transactions per second.
There is a general consensus in the crypto space that decentralized finance (DeFi) is the future of the traditional financial system. However, despite the level of growth enjoyed by this sector in recent times, its adoption rate is still very low meaning it has enormous room for growth when it comes to the issue of public adoption. With this in mind, Alameda Research, a renowned trading firm within the crypto industry, is investing $40 million in a crypto startup Oxygen that looks to democratize access to DeFi the same way Robinhood was able to pull more people into stock trading. Oxygen would be able to achieve this noble feat for DeFi without having to rely on any centralized legacy settlement systems.
Alameda is, however, not the only notable investor. Multicoin, Genesis Capital and CMS have also made significant investment contributions towards this startup.
Oxygen is built on Solana, a blockchain that can handle up to 50,000 transactions per second, which is miles ahead of Ethereum that can only process a maximum of 15 transactions per second. It was revealed that its blockchain would be integrated into Maps.me, a burgeoning alternative to Google Maps that has close to 100 million users. Surprisingly, Alameda, CMS and Genesis Capital also participated in the investment funding of the Maps.me platform.
Alameda CEO spoke of Oxygen integration into Map.me as “a full prime brokerage model on-chain that’s capable of powering borrowing, lending, derivatives, structured products, portfolio margin and a lot of other things.” While adding that people are “looking to invest in crypto projects. They tend to be pretty bullish and are willing to pay significant interest rates in order to have the right to get longer crypto.”
Oxygen’s platform would act as a venue, where the needs of DeFi applications, financial institutions and individual users can be met. Users would custody their own keys to a Solana wallet, which lends the assets to the Oxygen protocol.
The Switzerland-based project is also working with an undisclosed Big Four audit firm that would help it monitor how assets are handled and also if the protocol is complying with all the necessary regulations and policies.next Business News, Cryptocurrency news, Investors News, News
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