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.

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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.

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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.

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“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.”

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