Quick take:
- The strategic round also attracted participation from CMS Holdings, DACM, DWF Labs, Foresight Ventures, Ouroboros Capital, and Cultur3 Capital.
- Automated Liquidity Layer (ALEX) uses Layer 2s, bridges, and data oracles to create a Bitcoin-specific decentralized finance layer.
- ALEX previously raised $2.5 million in a strategic funding round announced in March 2023, and a $5.8 million seed round announced in 2021.
Automated Liquidity Exchange (ALEX) a Web3 infrastructure company developing a Bitcoin finance layer on Stacks has completed a $10 million strategic round led by Spartan Capital.
The fundraising also attracted participation from CMS Holdings, DACM, DWF Labs, Foresight Ventures, G-20 Group, Ouroboros Capital, Summer Capital, Cultur3 Capital and EVG.
ALEX’s decentralised exchange platform leverages automated market makers (AMM) for fluid and efficient asset swaps within the Bitcoin ecosystem. The platform currently supports the deployment, minting, and transfer of BRC20 tokens on Bitcoin.
According to information on ALEX’s website Projects launch their tokens using a system the company calls lottery-based hybrid Launchpad. The platform boasts over $195 million in total value locked and has facilitated more than $1.3 billion worth of transactions.
Commenting on the fundraising, ALEX co-founders Chiente Hsu and Rachel Yu lauded the recent capital raise as being important in helping their company continue with its mission of enhancing DeFi’s accessibility and usability worldwide.
“With this investment, we’re set to grow our team, further improve our platform’s UI/UX and strengthen our business development strategies. These steps are crucial for us to broaden the Bitcoin economy’s reach, moving closer to our goal of widespread financial inclusion,” they said.
This fundraising follows ALEX’s $2.5 million strategic round announced in March 2023 and attracted participation from Trust Machines, Gossamer Capital and others. The company also raised $5.8 million in a seed round in 2021 led by White Star Capital with participation from Cultur3 and SeaX.
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