One of the biggest crypto funds just bought another $2m of

Published on by Cryptoslate | Published on

The DeFi market has undergone a strong surge since it seemingly bottomed late last week.

Finance's YFI. Polychain Capital is a leading crypto-asset venture fund led by Olaf Carlson-Wee, the first employee at Coinbase.

Yesterday morning, the company received 140.8 YFI, which had a value of $2.1 million at the time the transaction was sent.

This latest transaction comes three weeks after Nansen's CEO, Alex Svanevik, revealed that the fund had acquired 329 YFI, then-valued at around $4.6 million.

Nansen uses proprietary methods and heuristics to figure out funds, firms, and investors and how they interact with different ERC-20 tokens.

It is unclear when exactly Polychain Capital made this latest purchase of YFI, or at what price the notable fund acquired the cryptocurrency.

There has been an effort to buy YFI on exchanges en-masse by fund managers and investors in the space.

It is possible that Polychain Capital bought the tokens in that time frame, helping to drive this rapid price action.

The company owns $70 million worth of other Ethereum-based altcoins and around $30 million worth of Serum.

Fund managers in the space have also noted that they have been accumulating coins such as Aave over recent days, citing how the fundamentals of the DeFi space are actually better than ever despite the corrections in the coins' prices.