A fast riser in the world of decentralized finance (DeFi) today announced a $ 4.9 million increase, led by major venture capital groups in the industry as well as some unusual emerging players.
Alchemix, a DeFi credit protocol that automatically repays its loans via deposits in other return protocols, today announced a $ 4.9 million increase on Discord, led by ten investors including industry backers CMS Holdings and Alameda Research as well emerging crypto VC players like eGirl Capital.
The investors are rounded off by Immutable Capital, Nascent, Protoscale Capital, LedgerPrime, Fisher8 Capital, Orthogonal Trading and an unidentified “person”.
Exciting news! The Alchemix team has successfully raised funds with amazing and exciting partners. Read the announcement of discord here or in this oversized screenshot: https://t.co/iKov18CZBS pic.twitter.com/fB2REerYmr
– Alchemix (@AlchemixFi) March 13, 2021
“Alchemix wants to be one of the most important money legos in the Ethereum ecosystem. It’s the culmination of countless innovators and a great idea and a lot of hard work from our team, ”said Scoopy Trooples, Team Leader at Alchemix. “[…] We are happy to have the support of a wide variety of reputable investment firms. With their support, we can recharge full time and make Alchemix even better. “
Unlike many recent VC investments in DeFi protocols, the Alchemix team has put some effort into disclosing the terms of the round. According to their Discord post, the team sold tokens from its Team Treasury allocation at around $ 700 per ALCX, with prices ranging from $ 680 to $ 800 on the day of sale, March 11, depending on the token’s trading range.
The post said the sale was the equivalent of a year-long runway for the team, and it was stated that the team will now sell additional allocated tokens for a year and the new investors who sell theirs will be banned for three months. The newly raised funds will be used for audits, contractors, recruitment, marketing and community efforts.
Alchemix is part of a movement dubbed “Gen 2” by DeFi – a group of projects that build on previous protocols and are currently outperforming the broader market.
CL, a partner of e-Girl Capital, spoke enthusiastically about the potential of the project.
“Personally, I think the team is extremely capable and very optimistic about the project as record amounts of stablecoins continue to be printed daily and flow into DeFi logs. The idea of being able to spend future income immediately is very powerful,” said they.
The investment supports a growing trend of traditional legal entities and VCs participating in fundraising rounds alongside newer, possibly atypical investment bodies. However, as the tools for DAOs and treasury management smart contracts become more sophisticated, anonymous individuals and companies can find their way to more press releases.
