Binance, the world’s largest cryptocurrency exchange with Billions of USD in daily cryptocurrency trading volume – have partnered with Reef Finance in pioneering Decentralized Finance built with Polkadot.
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“Binance Launchpool, a new initiative designed to bring the decentralized finance experience to Binance users, today announced its new project, Reef Finance – a multi-chain smart yield engine and liquidity aggregator where any financial hub can integrate into.” Pioneering DeFi on Polkadot: Binance Launchpool Introduces Reef Finance, Binance.com, Dec. 22, 2020.
Reef gives retail investors access to the DeFi landscape with a very low technical barrier of entry, while at the same time, it augments the decision making process based on users’ risk levels. On the heels of its latest integration with Binance, one of the leading crypto exchanges globally by trading volume, Reef Finance is introducing its native token, REEF, to the extensive user base on the Binance platform through the Binance Launchpool. The strategic collaboration enables Binance users to take advantage of crypto purchases with fiat and trading through the Reef Finance platform in a non-custodial manner. In addition, Reef Finance is eyeing the potential offering of Binance Chain support to its users in the future.
Binance’s Launchpool platform was created to facilitate new digital farming for users. The project is now aiming to simplify the reward acquisition process for staking Binance Coin (BNB) and other assets on the Binance platform. During Launchpool participation, users will be able to stake their BNB, Binance USD (BUSD) or Polkadot’s DOT tokens into separate pools to farm $REEF tokens, starting from Dec. 23, 2020, at 0:00 am UTC. Binance will then list REEF in the innovation zone on Dec. 29, 2020, at 6:00 am UTC and open two initial trading pairs in REEF/USDT and REEF/BTC, with REEF/BNB and REEF/BUSD to become available in January. Reef is also the first Launchpool project where Binance users will be able to stake their DOT tokens and earn staking rewards. To sum up, DOT holders can now farm REEF on Binance, whereas usually, one could farm with BNB, BUSD and Ether (ETH). Now with Reef, one can farm using BNB, BUSD and DOT.
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Reef is positioned as a hub for DeFi and other cryptocurrency financial services on Polkadot. As a founding member of the Polkadot DeFi Alliance, it will support and grow the overall success of the ecosystem as a cross-chain solution with a cohort of members and partners, such as Interlay, Equilibrium and Moonbeam.
“By abstracting away the complexities of using order books and learning how different protocols work, Reef gives the retail investor access to the DeFi landscape with a very low technical barrier of entry and additionally augmenting the decision making process based on the user’s risk levels,” said Denko Mancheski, founder and CEO of Reef Finance.
“We are very excited for the upcoming Polkadot ecosystem and glad to support Reef Finance’s progress through Launchpool,” said Binance CEO and Founder Changpeng Zhao. “It’s also great to welcome our first Polkadot ecosystem project to Binance Smart Chain.”
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