Alchemix Protocol has just announced a $4.9 million raise led by venture capital groups CMS, Alameda, and e-Girl Capital so let’s read more about it in our latest cryptocurrency news today.
The established VC Firms joined an atypical investment entity in positioning the young DeFi protocol for the future and therefore, Alchemix Protocol announces a $4.9 million raised by the venture capital groups. Alchemix is a Defi lending protocol whose loans repay themselves via deposits into other yield-bearing protocols according to the announcement on Discord today, with a $4.9 million raise led by ten investors including Alameda Research, CMS Holdings, and eGirl Capital. Rounding out the investors are Ledger Prime, Fisher8 Capital, Nascent, Protoscale Capital, Immutable Capital, and Orthogonal Trading. The team lead at Alchamix Scoopy Trooples said:
“Alchemix aims to be one of the key money legos in the Ethereum ecosystem. It is the culmination of countless innovators and one great idea and a lot of hard work from our team. We are excited to have the backing of a plethora of reputable investment firms. With their support we can charge ahead full time and make Alchemix even better.”
Exiting news! The Alchemix team has successfully raised funds with amazing and exciting partners. Read the discord announcement here or in this exceedingly large screenshot.https://t.co/iKov18CZBS pic.twitter.com/fB2REerYmr
— Alchemix (@AlchemixFi) March 13, 2021
The team put forth some more effort to disclose the terms of the round and the team sold the tokens from their team treasury allocation of $700 per ALCX with prices ranging from $680 to $800 as per the trading range of the token on the day of the sale. The post said that the sale provides an equivalent of a one-year runway for the team and said that there’s a yearlong lockup on the team that is selling further allocated tokens but the newly raised funds will be used for audits, marketing, hiring, and community efforts.
Alchemix is a part of the movement that was referred to as the Gen 2 of DeFi which is a group of projects that is building on the previous protocols which are outperforming the wider market. The partners at e-Girl Capital said:
“Personally I think the team is extreme capable, very bullish on the project as record amounts of stablecoins continue to be printed daily and flow into DeFi protocols, and the idea of immediately being able to spend future yield is very powerful.”
The investment bolsters a growing trend of the legal entities and VCs participating in the fundraising alongside other investment bodies but as the tooling for DAOs and smart contracts gets more sophisticated, the anonymous individuals and entities could be making their way into more press releases.
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