May 15, 2021

Alchemix raises $3.1M to build DeFi lending backed by future income

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New decentralized finance project Alchemix Finance has raised a strategic $3.1 million round from notable crypto investments funds and angels.

The round was led by Spartan Capital, the investment arm of crypto consulting firm The Spartan Group. Delphi Ventures, Nascent, CMS Holdings, Maven 11, Genesis Block Ventures participated in the round as well. Several angel investors joined in as well, including Jason Choi, general partner at The Spartan Group.

Alchemix also raised $4.9 million in an over-the-counter token sale deal led by CMS Holdings and Alameda Research.

The Alchemix project is building a new DeFi primitive, combining yield generation with a lending platform that allows drawing loans based on future income. In the initial iteration, users can deposit Dai to draw alDai for up to 50% of the value of the deposit. AlDai can be converted one-to-one to Dai through the protocol or decentralized exchanges.

In the backend, Alchemix sends the deposited funds to yield generating protocols like Yearn.finance. The yield obtained from the platform is used to automatically repay the alDai loan over time, with the protocol withholding 10% of the yield as revenueTitle: Alchemix raises $3.1M to build DeFi lending backed by future income
Sourced From: cointelegraph.com/news/alchemix-raises-3-1m-to-build-defi-lending-backed-by-future-income
Published Date: Wed, 17 Mar 2021 19:30:23 +0000