ALEX Raises $ 5.8 Million to Bring DeFi Services to Bitcoin Ecosystem
NEW YORK, November 15, 2021 / PRNewswire / – ALEX, the first full-service DeFi platform on Bitcoin via Battery, announced today $ 5.8 million in new funding led by Capital of the white star with the participation of Cultur3, GBIC, OK Blockchain Capital and others. The company will use the capital to realize its vision of creating decentralized and trustless financial services secured by the Bitcoin blockchain, while expanding its world-class team.
With over $ 100 billion total value locked in DeFi, largely within the Ethereum ecosystem, ALEX will deliver on BitFi’s promise, bringing full DeFi services to Bitcoin. As a one-stop-shop DeFi platform, ALEX enables:
- Projects to launch their tokens
- Fixed rate and fixed term loans and borrowings
- Decentralized exchange with both the AMM (Automated Market Maker) and the off-chain order book
- Deposit tokens to earn interest
- Achieve exceptional yields with yield farming
In particular, ALEX makes it possible to borrow without the risk of liquidation, thanks to the use of dynamic pools to rebalance guarantees. Rather than bitcoin being an inert store of value like digital gold, ALEX brings Bitcoin to life by engaging Bitcoin with the world, enabling it to grow, benefit society, and help build financial infrastructure. necessary to realize Web3.
ALEX was created by two co-founders, Dr. Chiente Hsu and Rachel yu, who both came from traditional finance where they developed quantitative strategies for major Wall St. banks, including Credit Suisse, Goldman Sachs, JP Morgan and Morgan Stanley. They have experienced the inefficiency of traditional finance and see blockchain technology as a unique opportunity to build a new financial world, open to all and free from intermediaries of any kind.
“The traditional financial system is orchestrated in a way that hinders people who do not have access to everyday financial tools. 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, “said Dr. Chiente Hsu, CEO of ALEX. “In traditional finance, you are forced to trust people and the middleman, but all around you there is a lack of trust. With DeFi, you don’t have to trust people and you can check everything by placing that trust only in code, which can open up opportunities for people looking to take out loans or other financial services. “
“We are extremely excited about the rapid growth of the Bitcoin DeFi market and the very talented ALEX team led by Chiente and Rachel,” said Seven Alavi, general partner at White star capital, who led the investment in ALEX. “Bitcoin is now a $ 1.5T + asset class with more institutional interest than ever, and DeFi will be its next big moment. “
ALEX will officially launch in December. To learn more about ALEX, follow them on Twitter or join their Discord Channel.
ALEX is the first full-service DeFi platform on Bitcoin via Stacks. ALEX brings your bitcoin to life by allowing: projects to launch their tokens, fixed rate and fixed-term borrowings / loans without liquidation risk, advanced DEX (decentralized exchange), deposit tokens to earn interest and obtain high yields through yield farming.
ALEX is a protocol built by veteran Quants who built the quantitative trading and risk management systems for the banks of Wall St. .. ALEX transferred this knowledge, experience and robust modeling engineering skills to DeFi. ALEX’s vision is to create the first truly unlicensed, trustless and decentralized financial service for the people.
About White Star Capital
White Star Capital is a global multi-stage technology investment platform that invests in exceptional entrepreneurs building ambitious international businesses. Operating from new York, Paris, London, Montreal, Toronto, Singapore and Hong Kong, our presence, our perspective and our collaborators allow us to work in close collaboration with our founders to help them develop internationally.
To learn more, visit Capital of the white star, read our Sub-battery information bulletin and follow us on Twitter and LinkedIn
Secure smart contracts and apps for Bitcoin. The Stacks ecosystem is a collection of independent entities, developers and community members working to create a user-owned internet on Bitcoin. The Stacks 2.0 blockchain extends the design of Bitcoin to enable secure applications and predictable Clarity smart contracts without modifying Bitcoin itself, opening up innovation on the network for the first time. Cryptocurrency Stacks (STX) is used as fuel for networking activity and contract execution and can be locked by STX holders through ‘Stacking’ to earn Bitcoin (BTC) rewards to support the blockchain consensus. The Stacks cryptocurrency was distributed to the general public through the very first SEC-qualified token offering in U.S. history.