AlloyX, a platform in the DeFi sector that specialises in aggregating tokenised credit, has bagged $2m in pre-seed funding and launched a new product.
The firm has successfully closed a $2m pre-seed funding round and simultaneously launched a pioneering product: a liquid real-world asset (RWA) vault.
This substantial $2m pre-seed funding round was spearheaded by Hack VC and saw participation from numerous investors including Circle Ventures, Digital Currency Group, Stratos, Lecca Ventures, MH Ventures, very early Ventures, Archblock, dao5, and Credix Finance.
AlloyX’s modus operandi is integrating diverse credit protocols into a single, cohesive platform. So far, the firm has integrated with nine such protocols, and is working to create the industry’s first blended investment vault, in collaboration with partners Credix Finance and a tokenised U.S. Treasury Bills protocol.
The recent launch of the RWA vault is an innovative move by AlloyX to tap into the more than $530m active loans on-chain in the private credit market. This product amalgamates Credix’s high-yield, over-collateralised tokenised private credit investment with highly liquid tokenised U.S. T-bills. This development allows investors such as decentralised autonomous organisations (DAOs) to gain access to liquidity, yield and diversification in tokenised credit.
AlloyX’s new funding will fuel the further development of their robust platform. They intend to build upon their industry-first blended investment vault and explore further opportunities to diversify and enhance the platform’s offerings.
AlloyX’s CEO, Alexandre Liege, said, “As we saw during the crypto market crash in 2022, investors wanted to exit positions from RWA lending pools. But it was hard to get out of these real-world loans with years left before maturity. The composability and flexibility that make DeFi valuable need to be available for RWA as well. To achieve this, we are building products to enable our community to invest and create RWA diversified baskets with automatic reinvestment, similar to what Yearn Finance created for digital assets.”
Previously, AlloyX had raised a total of $5m in total value locked (TVL) and since its inception in 2021, has consistently produced yields over 18% on average. The newly introduced blended vault is set to go live in early Q3 2023.
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