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Reef

EVM-compatible Layer 1 for DeFi, NFTs

Overview

Reef.io runs Reef Chain, a modular Layer 1 blockchain built on Substrate with Ethereum Virtual Machine compatibility, so developers can port existing Ethereum apps without changing Solidity code. It serves DeFi, NFTs, and gaming by offering high throughput and efficient storage, plus features like native token bridges, scheduled payments, and upgradeable smart contracts without hard forks via a self-upgradable WASM runtime. It differentiates itself by combining Ethereum compatibility with a modular, upgradable architecture and built-in capabilities (bridges, recurring payments) that avoid forks and boost scalability. The goal is to provide a scalable, efficient, and upgradable platform that supports a broad ecosystem of developers and users for DeFi, NFTs, and gaming.

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About Reef

Simplify's Rating
Why Reef is rated
C-
Rated C on Competitive Edge
Rated C on Growth Potential
Rated D+ on Differentiation

Industries

Crypto & Web3Financial ServicesGaming

Company Size

11-50

Company Stage

ICO

Total Funding

$23.9M

Headquarters

United Kingdom

Founded

2020

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What believers are saying

  • Reef announced a Cardano Foundation partnership on July 28, 2026, adding enterprise utility.
  • Pelagia testnet received larger resources in June 2026, signaling active infrastructure investment.
  • App Store availability and ReefSwap integration improve retail onboarding across Apple devices.

What critics are saying

  • The Reef bridge closed February 23, 2026, leaving 9.86 billion legacy tokens unmigrated.
  • Hotcoin delisted REEF/USDT on May 14, 2026, showing exchange distribution remains brittle.
  • If Deep Current slips, Reef loses credibility and native token liquidity keeps splintering.

What makes Reef unique

  • Reef Chain’s Q1 2026 token unification removed legacy $REEF fragmentation.
  • Project Deep Current modernizes Reef’s core framework for future command-based upgrades.
  • Reef Chain Wallet launched on iOS October 28, 2025, broadening consumer access.

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Funding

Total Funding

$23.9M

Above

Industry Average

Funded Over

2 Rounds

Ico funding comparison data is currently unavailable. We're working to provide this information soon!
Ico Funding Comparison Coming Soon

Benefits

  • Remote Work Options

Growth & Insights and Company News

6 month growth

0%

1 year growth

0%

2 year growth

-5%
CoinChapter
Oct 28th, 2025
Reef Launches Reef Chain Wallet for iOS, Expanding Access Across Apple Ecosystem

Reef launches Reef Chain Wallet for iOS, expanding access across Apple ecosystem. Reef, the fast, affordable, and developer-friendly Layer 1 blockchain, today announced the launch of Reef Chain Wallet for iOS and iPadOS. The release marks the second phase of Reef's multi-platform rollout, following the successful launch of its Android version last year. The new app is now available for download in Apple's App Stores worldwide. Expanding beyond Android. Reef Chain Wallet is designed to be the premiere way to experience Reef Chain, providing users with a secure, self-custodial wallet built for both everyday users and Web3 developers. The iOS release brings Reef's ecosystem to millions of Apple users, extending the network's accessibility and usability. At launch, Reef Chain Wallet for Apple mobile devices includes: * Password and biometric security: Full Touch ID and Face ID support * Token management: Store, send, and receive any tokens on Reef Chain * NFT viewing: A clean interface for displaying NFTs * WalletConnect support: Connect to dApps on desktop via ReOwn's WalletConnect protocol "Launching Reef Chain Wallet on Apple devices is a major milestone for our team," said Derek E. Silva, Chief Operating Officer at Reef. "It ensures that Reef users, whether they're developers, traders, or NFT collectors, have a native, secure, and intuitive experience on any device they choose. This has been a long time coming, and we're proud to deliver a polished, high-performance wallet for the Apple ecosystem." What's next for Reef Chain Wallet. The Reef core team has already begun work on the next development phases to enhance both functionality and performance. Following a comprehensive code audit, upcoming updates will address startup race conditions, memory optimization, transaction handling, and other key improvements. * In-app token swapping * NFT sending capabilities * Full UI redesign * In-app dApp browser * Improved WalletConnect integration * New onboarding experience featuring Reef Name Service (RNS) Reef is also expanding its documentation platform, Reef Docs, to provide detailed guidance for new wallet users, including a live chat feature for direct technical support. Reef is a fast, affordable, and efficient layer 1 blockchain. Its mission is to make Reef the easiest and most accessible blockchain for all Web3 users by making it easy for everyone to start accessing and benefiting from blockchain technology through core apps like Reef Chain Wallet, ReefScan, and ReefSwap. For more information about Reef Chain and its products, visit https://reef.io. Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Investing involves risk, including the potential loss of capital. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

Blockchain Reporter
Aug 13th, 2025
Alchemy Pay Joins Forces with Reef for Seamless Fiat to Crypto Access

Alchemy Pay, a global payment gateway from fiat to crypto, has announced its strategic partnership with Reef.

CoinsHolder
Jun 19th, 2025
Reef Chain Prepares for Major Infrastructure Upgrade with Project Deep Current

Reef Chain is launching Project Deep Current to modernize its infrastructure, enhancing developer and user experiences.

CRYPTOMERIA LABS PTE. LTD.
Oct 3rd, 2023
StealthEX Partners with Reef Chain to Expand Crypto Exchange Offerings

StealthEX and Reef Chain have partnered to streamline cryptocurrency exchanges, enabling Reef Chain users to access over 1400 cryptocurrency options on StealthEX without registration.

Reef
Aug 3rd, 2023
BreakFirst Fund Joins Reef Labs Accelerator Program to Support Growth of Selected Projects!

Reef Finance LLC is delighted to share the latest development in the Reef Labs Accelerator Program journey.

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