According to media reports, Reef completed a new round of funding on 2020-10-15. the investors in this funding round include GenBlock Capital,Woodstock,NGC Ventures,Kenetic Capital,LD Capital,QCP Capital,TRGC,Krypital Group,QCP Soteria,Amplifi Capital and others. Following this round, Reef's total funding reached $23 M.
Reef Chain is a Layer 1, EVM-compatible blockchain based on Substrate. Its infrastructure also enables EVM extensions, allowing for native token bridging, scheduled calls (e.g., recurring payments), and in-place code upgrades of smart contracts. With lower gas costs and turbo-fast transactions, thanks to the Nominated Proof of Stake consensus mechanism, Reef offers high scalability and affordable transactions to the NFT, Metaverse, GameFi, and DeFi communities.