Mobile DeFi App Company Alice Raises $2 Million

By Amit Chowdhry ● May 28, 2021
  • Alice, a mobile Decentralized Finance (DeFi) application, announced recently that it raised a $2 million seed round. These are the details. 

Alice — a mobile Decentralized Finance (DeFi) application — announced recently it has raised a $2 million seed round fundraise led by Arrington Capital, Co-Founder and CEO of Terraform Labs Do Kwon, Mechanism Capital, and Accomplice Blockchain. And Alice will build a front-end financial application deriving fast payments and offering access to high-yield from DeFi — supplying it to mainstream users with a user-friendly interface.

Alice is powered by Terra, the Proof-of-Stake blockchain network built on the Cosmos SDK that deploys a suite of algorithmic, fiat-pegged stablecoins underscoring a blossoming DeFi ecosystem including apps such as Anchor Protocol. And the strength of Alice is built upon Terra’s Anchor Protocol, which is a decentralized network that allows the production of above-market yields.

Alice’s users are able to easily tap into the rapid settlement of Terra’s UST stablecoin, one of the fastest-growing in crypto by market cap, offering a seamless payment experience akin to the popular Chai Pay app (also built on Terra) that has accumulated more than 2 million active users in South Korea using Terra’s KRT stablecoin. And Terra-native stablecoin payments on Alice will be featured alongside high-yields that can be generated via the integration of Terra’s Anchor Protocol and access to its smart contracts, which offer low-volatility interest to its UST depositors.

Alice targets US users, offering powerful financial primitives that current fintech incumbents in the country cannot match from either a settlement or interest rate aspect. And representing a new generation of “Consumer DeFi” applications where intuitive mobile apps source dynamic features from DeFi, abstract away the complexity, and offer them to the mainstream, Alice is poised to become an accessible gateway to DeFi for the average US consumer.

Currently, Alice is signing up users for its beta application. And the Alice team also has plans to add a debit card that will allow its users to spend TerraUSD (UST) at merchants around the world.

KEY QUOTES:

“DeFi is here to stay, and we’re excited to make it far less intimidating for everyday users. To get serious mainstream adoption, it’s not enough to make DeFi marginally easier to use. With Alice, we plan to take advantage of crypto’s expanded design space to build a user experience that’s superior to anything that exists in Web 2.0.”

“It’s time to open the floodgates for DeFi’s widespread adoption, and we’re happy to lead the way.”

— Echul Shin, Co-Founder and CEO of Alice