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Alchemix Draws $4.9 million Led By Major VC Firms

Alchemix draws a $4.9 million raise led by major venture capital firms on March 14.

Announcing the news on Discord, it was seen that the raise was led by major investors namely CMS Holdings, Alameda Research, eGirl Capital, and seven others.

While speaking on the goals, Scoopy Trooples, team lead at Alchemix 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. Source : Cointelegraph

In the Discord post, the Alchemix team went on to disclose the terms of the round. Keeping in mind the longevity of the project and the interest of the ALCX token holders in mind, they had some interesting conditions for ALCX holders as part of the deal. The protocol’s founders will not sell any ALCX tokens for the remaining calendar year whereas the partners have to lock up their tokens for a minimum period of 3 months. As per the post, the team sold tokens at roughly $700 per ALCX, with prices ranging from $680-$800, which was the trading range of the token on 11 March.

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. — Alchemix (@AlchemixFi) March 13, 2021

Being referred to as the “Gen 2” of DeFi, their second strategized deal will be funding the Alchemix treasury, along with the funding of business operations including auditing costs, marketing budget, etc.

Speaking on the potentiality of the project, CL, a partner 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. Source : Cointelegraph

Lastly, Alchemix ended the Discord post by:

We see both deals as a huge win, aligning the teams objectives and our ability to serve the DeFi Nation with upcoming innovations that will continue to make waves in the space. We hope you are as excited as we are about these developments.

Source: Cointelegraph



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