DeFi platform ALEX raises $5.8M

Aims to bring DeFi to the Bitcoin Ecosystem

ALEX, a decentralized finance (DeFi) protocol, has raised $5.8 million in a round led by White Star Capital, along with venture capital firms such as Cultur3, GBIC, and OK Blockchain Capital.

ALEX, which stands for “Automated Liquidity Exchange,” plans to use its funding to grow its team of 15 people, ensuring that “new recruits are a good fit.” Earlier this year, ALEX was founded by Chiente Hsu and Rachel Yu, who both have backgrounds in developing quantitative strategies for Wall Street banks.

ALEX is an open-source DeFi protocol built on Bitcoin via Stacks Blockchain and modeled on the world’s financial markets that allow you to launch and trade tokens, lend cryptocurrency, and more.

“The traditional financial system is orchestrated in a way that hinders people who don’t have access to everyday financial tools,” Hsu said in a press release. “We believe that crypto can streamline many financial processes and this funding will allow us to create new opportunities for women and other marginalized groups.”

For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇