DeFi primary brokerage startup Oxygen has closed a $ 40 million funding round, The Block reported .
The investment round was headed by Alameda Research, which was joined by Multicoin, Genesis Capital and CMS.
The Oxygen protocol will be launched on the Serum decentralized ecosystem, built on the Solana blockchain.
Sam Bankman-Fried, FTX CEO and advisor to Serum and Oxygen, noted that the speed and lower transaction costs on the Solana network make it possible to host more sophisticated solutions than simple borrowing and lending tools.
“DeFi can reach 1 billion users and $ 10 trillion online. But projects are limited by high fees, congestion and scalability issues, ”he added.
Oxygen helps users access liquidity, leverage, yield generation and short-term loans. The protocol is different from traditional prime brokers, Bankman-Fried said. Rather, it acts as a platform serving the needs of DeFi applications, financial institutions and individual users, he explained.
The project also announced the integration with the Maps.me offline navigation service with over 100 million users.
As a reminder, in January Alameda Research took the lead in a seed round of funding for Maps.me in the amount of $ 50 million .