ALEX is The Newest DEX on The Block

Former Wall Street veteran’s, decentralized finance service, Alex has raised $5.8 Million Dollars funded by White Star Capital, Cultur3, GBIC, and OK Blockchain Capital, as well as others.

Automated Liquidity Exchange or ALEX for short, plans to use the funds to grow past its current team of 15, with individuals that are a good fit and hold the vision of the project in the creation of what it calls “the first truly permissionless, trustless, and decentralized financial service for the people.”

The startup is building a DeFi platform on Bitcoin with help of Stacks, the blockchain, helping bring smart contracts and Bitcoin together. Smart contracts are sets of code that execute upon a set of circumstances, programmed into the contract.

Alex will enable users to lend & borrow their own tokens, gain returns on yield farming, as well as trading on decentralized exchanges, not unlike similar projects in the field.

“At the moment there's approximately $200 billion locked in DeFi protocols. Nearly all of this is on the Ethereum blockchain,” said Hsu speaking with Decrypt. “The market cap of Bitcoin is over $1 trillion, and Bitcoin is the original and most secure blockchain network in human history.”

ALEX’s mainnet is set to launch next month, with plans to fully integrate to CityCoins- the stacks-powered platforms allowing citizens to invest in their cities by mining their corresponding tokens. In return, the individuals can earn Stacks or Bitcoin.

CityCoins launched the MiamiCoin in August, and just last week introduced NYCCoin with the election of the cities new Mayor.

“I think without a doubt, crypto will continue to grow. It will be an absolutely transformative force which is difficult to predict in many ways,” Hsu told Decrypt, adding on that Bitcoin to her is the ultimate form of money even if people don’t realize it yet.