CDS Startups Alkimiya Raises $7.2M in Funding Round
Startups

Alkimiya Raises $7.2M in Funding Round

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Alkimiya Raises $7.2M in Funding Round
Alkimiya Raises $7.2M in Funding Round

Alkimiya raised $7.2 million to develop its growing cash hedging protocol for miners and stakers.

About Funding

The funding round for the company, a decentralized capital markets protocol, was led by Castle Island Ventures and 1kx. Other participants include leading investment firms such as Circle Ventures, Coinbase Ventures, and Dragonfly Capital Partners.

Alkimiya

Alkimiya Protocol

The protocol provides miners and stakers with a protocol to manage cash flow risks due to illiquidity in the DeFi ecosystem by funding future production and locking upfront revenue. This protocol’s goal is to provide a source of cash flow that is independent of the overall liquidity in the DeFi ecosystem.

For Miners

Miners and stakers are facing various problems due to the downturn in the crypto market and rising mining costs. Without any tools to manage risk, they are exposed to market risks that depend entirely on the volatility of cryptocurrencies. By addressing these issues, the Alkimiya protocol provides miners and stakers with a stable and reliable cash income stream. Silica, a by-product of firm, provides support for the Protocol. Alkimiya co-founder Leo Zhang said:

“A fundamental issue with DeFi today is the lack of support from natural cash flow. It’s currently a system of highly self-referential and interdependent machines that are addicted to cheap sources of liquidity and when the environment changes, the entire DeFi space dries up very quickly. Alkimiya aims to bridge this gap with block producers’ hedging needs. This strategic funding round will help to further our expansion and deepen our relationships with key partners.”

References

www.coindesk.com

www.alkimiya.io

Written by
oguz

The author is a political science and public administration student at Kocaeli University. He is also studying Management Information Systems at Anadolu University. He met Blockchain technology and Cryptocurrencies for the first time in 2019. Interested in cryptocurrencies for over 2 years. In addition he provides E-commerce and social media marketing services.

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