TechFlow, Dec 3 — According to TheBlock, quant yield protocol Axis has raised $5 million in a private placement round led by Galaxy Ventures. The round was oversubscribed fourfold, with participation from OKX Ventures, FalconX, GSR, Maven 11, CMS Holdings, and Marc Zeller, founder of Aave Chan Initiative.
The protocol's first product, USDx, is a dollar-pegged digital asset designed to maintain its value and generate yield through an arbitrage engine, with future products planned for Bitcoin and gold. Axis plans to launch on Plasma, the stablecoin blockchain supported by Bitfinex, to reduce operating costs and boost yields.
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