Bitcoin-based decentralised exchange Alex raises $2.5m in funding

Trust Machines, Gossamer Capital and other investors have invested $2.5m in the development of the Bitcoin-based decentralised exchange Alex.

ALEX is proud to have closed a strategic investment round of $2.5M with @gossamercap, @trustmachinesco and others.https://t.co/QOFT9ST3ld

The funding will accelerate building #Bitcoin #DeFi through Bitcoin layers such as @Stacks. Bringing the security of Bitcoin to DeFi will… https://t.co/KCPcGAmJ24

— ALEX (@ALEXLabBTC) March 14, 2023

“Bitcoin is currently attracting more attention than any other blockchain due to what is happening with NFT built on it and the hype around the potential use of [digital gold],” said Munib Ali, co-founder of Trust Machines.

The project team will allocate the raised funds to ecosystem development and expanding the user community.

“Bitcoin is unique in its decentralisation and immutability. It has no equal in its history of performance, uptime, market capitalization, and recognition as a store of value,” said representatives of the startup.

To use the platform, a Hiro Wallet browser wallet is required. In addition to decentralized exchange, Alex also offers opportunities for yield farming.

Earlier, the Rollkit project introduced infrastructure for deploying rollups on Bitcoin.