16 November 2021 07:24, UTC
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The Stacks blockchain-based Alex decentralized platform team raised $ 5.8 million in a funding round led by White Star Capital.
“The place we want to secure for @alexgoBtc is the “the gold standard” of #DeFi: the most secure, most transparent, and most decentralized financial service the world has ever seen. Finance for the people, where we trust only code,” @RuleBasedInvest told @decryptmedia. https://t.co/nYE2UZXoyy
— alexGo.btc (@alexgoBtc) November 15, 2021
The round was also attended by venture capital firms Cultur3, GBIC and OK Blockchain Capital. The project will use the funds raised to expand the development team.
The Alex team is creating a universal DeFi platform that allows you to deposit and lend Bitcoin, USDC stablecoin and Stacks tokens for a specified period at a fixed rate. The protocol also supports decentralized asset exchange both based on the automatic market maker mechanism and on the basis of an off-chain order book.
Alex co-founders Kiente Hsu and Rachel Yu have previously developed quantitative strategies for a number of large banks, including Credit Suisse, Goldman Sachs and Morgan Stanley.
“Stacks makes Bitcoin a programmable baseline by opening up the possibility of launching decentralized applications and smart contracts,” the project’s website says.
Alex Testnet has been running since September 27th. The mainnet launch is scheduled for November 30, 2021.
Earlier, developers Nicholas Dorier and Chris Stewart deployed a smart contract on the Bitcoin network using Discreet Log technology, betting $ 10,000 on the outcome of the US presidential election.
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