ALEX Secures $10M Funding, Eyes DeFi Accessibility

ALEX Secures $10M Funding, Eyes DeFi Accessibility

ALEX Secures $10M Funding, Eyes DeFi Accessibility

ALEX, a Web3 infrastructure firm focused on building a Bitcoin financial layer atop Stacks, secured $10 million strategic round from investors.

Spartan Capital led a $10 million strategic round that Automated Liquidity Exchange (ALEX), a Web3 infrastructure business building a Bitcoin financial layer atop Stacks, successfully completed.

Additionally, CMS Holdings, DACM, DWF Labs, G-20 Group, Ouroboros Capital, Summer Capital, Cultur3 Capital, and EVG were among the investors that took part in the fundraising.

Automated market makers (AMM) allow ALEX’s decentralized exchange platform to facilitate efficient asset exchanges within the Bitcoin ecosystem. At the moment, the platform allows users to mint BRC20 tokens on Bitcoin, deploy them, and then transfer them.

Projects launch their tokens utilizing ALEX’s so-called lottery-based hybrid Launchpad, as stated on the company’s website. With over $1.3 billion in transactions processed, the platform boasts a total value lock of over $195 million.

The co-founders of ALEX, Chiente Hsu and Rachel Yu, spoke about the funding. They said that the recent capital raise is crucial because it would allow their company to keep working on their aim of making DeFi more accessible and usable for people all around the world.

We plan to expand our staff, enhance the user interface and experience of our platform, and fortify our strategy for commercial expansion with the funds from this investment. They emphasized the importance of these measures in order to expand the scope of the Bitcoin economy and achieve their aim of broader financial inclusion.

Trust Machines, Gossamer Capital, and others participated in ALEX’s $2.5 million strategic round announced in March 2023, which was followed by this fundraising. In 2021, the firm also received $5.8 million from a seed round that was co-led by White Star Capital and included Cultur3 and SeaX.

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