Crypto app Alice has raised $2 million in seed funding in its effort to make Terra blockchain decentralized finance (DeFi) “accessible” to U.S. customers.
Led by Arrington Capital, Alice’s spherical will fund the event of a cellular app with funds and variable-rate deposit options, in keeping with CEO Echul Shin. The app will prioritize ease-of-use as a possible DeFi gateway for newcomers, he mentioned.
Shin, who beforehand labored for Terra, hopes to emulate his former employer’s success at piling customers onto the algorithmic stablecoin community. That protocol already boasts 2 million customers in its native South Korea.
“We thought it was simply inevitable to carry the DeFi ecosystem from Terra to the U.S. to offer higher yield on deposits, in addition to higher settlement layers,” he mentioned.
Terraform Labs CEO Do Kwon additionally joined the spherical alongside Mechanism Capital and Confederate Blockchain, in keeping with a press assertion. Michael Arrington, the lead investor, mentioned Alice’s younger workforce is “doing lots with just a bit bit of cash.”
“With DeFi, you’ve acquired these magical protocols on the market which are simply great, however they take slightly little bit of technical talent to make use of,” Arrington mentioned.
“If you happen to can marry a very nice user-facing app that makes it much less threatening and far simpler to make use of, you may carry plenty to those protocols that haven’t thought-about it but.”
Alice is now taking beta volunteers for the cellular app. It plans to introduce the product to a restricted viewers within the third quarter.