Alkimiya Raises $7.2M Funding Round with Dragonfly Involved

Alkimiya, a decentralized capital markets protocol, closed a $7.2 million round of funding led by 1kx and Castle Island Ventures, with participation from Dragonfly, Circle Ventures and Coinbase Ventures. The funding will primarily be used to expand its team.

Founded by ex-Itaú Unibanco engineer Ricardo Grobel and former Morgan Stanley employee Zhang, Alkimiya aims to provide hedging solutions for blockspace producers such as miners and staking validators. Alkimiya initially launched on Avalanche in March last year as a public beta to test out the protocol on-chain and iron out any possible loopholes.

Alkimiya gears up to launch a full product suite, including a Vault product and ETH staking contracts on the Ethereum mainnet in the first quarter of this year.