Decentralized finance (DeFi) lending protocol Alchemix said it completed a $4.9 million funding round led by CMS, Alameda Research and Immutable Capital.
- Alchemix said it sold the investors the protocol's native ALCX tokens at $700 per token. Proceeds were transferred to the protocol's founders as compensation for their work. Alchemix noted that because this was the protocol's first round of raising capital, all work prior to it had been done without compensation.
- In order of investment size, the investors were: CMS, Alameda Research, Immutable Capital, Nascent, Protoscale Capital, LedgerPrime, eGirl Capital, Fisher8 Capital, Orthogonal Capital and one individual, whose name was not provided.
- The protocol said the funding round allows the founders to commit to full-time development and will also be used for audits, contractors, hiring, marketing and community efforts.
- Under terms of the raise, the protocol's founders can't sell any more tokens this year, and members of the funding group are prohibited from selling their tokens for three months.