Alex, a decentralized startup exchange co-founded by Chiente Hsu and Rachel Yu, raised $2.5 million in a strategic round with investors, including Trust Machines and Gossamer Capital.
New Decentralized Exchange ALEX
Decentralized exchange Alex announced that it raised 2.5 million in a strategic round to create decentralized finance in Bitcoin. The strategic round included backers such as Trust Machines, Gossamer Capital, Cultur3, and SeaX, the company said in a statement. Alex also raised a $5.8 million seed round led by White Star Capital in 2021.
Muneeb Ali, CEO and co-founder of Trust Machines, said: “There are more eyes watching Bitcoin right now than any other blockchain because of what is happening with Bitcoin NFTs and the excitement around Bitcoin’s use case potential. The Decentralized Exchange Alex’s team has been leading the movement towards Bitcoin DeFi, and I believe they are best positioned to capture the recent attention and introduce new users to the Bitcoin economy.”
Women-Focused Team
This project was originally co-founded by Chiente Hsu and Rachel Yu, showing that women are also present in the crypto space. Last year, U.S. startups with all-women teams received only 1.9% of the $238.3 billion in venture capital allocated, according to a report from TechCrunch and PitchBook data.
The project’s team said in a statement that the funds would be used to continue building decentralized finance in the Bitcoin ecosystem and expand its user base.
Chiente Hsu, the co-founder of Alex, said: “We are playing the long game, we are creating the building blocks so that when $360 trillion in global wealth starts becoming tokenized, we’ll be ready,”
Bitcoin Settlement Layer
The strategic round announcement comes at a time when Bitcoin has surpassed $26,000 and amid concerns about contagion effects from the collapse of SBV in the central banking system.
The statement made by the company is as follows: “Bitcoin is singular in its decentralization and immutability; its performance history, network uptime, market cap, and recognition as a store of value are unmatched. With over $0.5T in potential capital to deploy in Bitcoin DeFi apps, achieving mass adoption by building fairer, more secure, and more efficient financial services can be done through Bitcoin.”
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