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Alex Raises $5.8M to Bring DeFi to the Bitcoin Ecosystem

Alex Raises $5.8M to Bring DeFi to the Bitcoin Ecosystem

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Alex, a decentralized finance (DeFi) protocol constructed on the Bitcoin-linked Stacks blockchain, has raised $5.8 million in financing led by White Star Capital. The funds will assist drive the protocol launch in December and broaden the developer and person expertise groups.

Alex goals to be a one-stop DeFi platform that permits for fixed-rate and fixed-term bitcoin lending and borrowing. The protocol additionally helps token launches and decentralized exchanges, each automated market makers (AMMs) and off-chain order books.

Alex was co-founded by Chiente Hsu and Rachel Yu, who each have backgrounds in growing quantitative methods for Wall Street banks reminiscent of Credit Suisse, Goldman Sachs and Morgan Stanley. Hsu serves as Alex’s CEO.

“The traditional financial system is orchestrated in a way that hinders people who don’t have access to everyday financial tools,” Hsu mentioned in a press launch. “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.”

Read extra: Stacks Foundation, Brink to Fund Bitcoin Development Fellowship Using ‘Stacking’ Rewards

In an interview with CoinDesk, Hsu offered two private examples of the limitations of conventional monetary establishments. The first concerned sending cash to her mother-in-law in Senegal, a test that was to be distributed to quite a lot of relations. Western Union charges took a piece of the cash, which might have as a substitute gone to the households.

The second concerned Hsu’s 14-year-old daughter, who wished a debit card and had to bear a 45-minute interview with a serious financial institution regardless of her mother and father having ample collateral. Her daughter then requested Hsu to arrange a crypto pockets on her behalf.

“We want to build this financial service protocol for the unbanked and banked that’s truly permissionless and trustless. There is no barrier to entry to using this service,” Hsu informed CoinDesk.

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