The quantitative yield protocol Axis has completed a $5 million private funding round, led by Galaxy Ventures

According to The Block, the quantitative yield protocol Axis has completed a $5 million private funding round, led by Galaxy Ventures. This round was oversubscribed by 4 times, with participation from OKX Ventures, FalconX, GSR, Maven 11, CMS Holdings, and Aave Chan Initiative founder Marc Zeller.

The protocol's first product, USDx, is a digital asset pegged to the US dollar, designed to maintain value and generate yield through an arbitrage engine. Future products based on Bitcoin and gold will be launched. Axis plans to launch on the Plasma blockchain supported by Bitfinex to reduce operational costs and increase yield.