Crypto App Alice Raises $2M for US-Centric Terra DeFi Portal

Backed by Arrington Capital, the app will try to replicate host blockchain Terra’s South Korea successes in the U.S.

AccessTimeIconMay 13, 2021 at 1:25 p.m. UTC
Updated May 9, 2023 at 3:19 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Crypto app Alice has raised $2 million in seed funding in its effort to make Terra blockchain decentralized finance (DeFi) “accessible” to U.S. users. 

Led by Arrington Capital, Alice’s round will fund the development of a mobile app with payments and variable-rate deposit features, according to CEO Echul Shin. The app will prioritize ease-of-use as a potential DeFi gateway for newcomers, he said.

  • Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
    11:52
    Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
  • Crypto Market Leaders and Laggards in 2023
    01:50
    Crypto Market Leaders and Laggards in 2023
  • Why Injective's INJ Has Surged 3,000% in 2023
    00:52
    Why Injective's INJ Has Surged 3,000% in 2023
  • DeFi Market Rebounds to $50B as Speculators Hunt for Yield
    01:11
    DeFi Market Rebounds to $50B as Speculators Hunt for Yield
  • Shin, who previously worked for Terra, hopes to emulate his former employer’s success at piling users onto the algorithmic stablecoin network. That protocol already boasts 2 million users in its native South Korea.

    “We thought it was just inevitable to bring the DeFi ecosystem from Terra to the U.S. to provide better yield on deposits, as well as better settlement layers,” he said.

    Terraform Labs CEO Do Kwon also joined the round alongside Mechanism Capital and Accomplice Blockchain, according to a press statement. Michael Arrington, the lead investor, said Alice’s young team is “doing a lot with just a little bit of money.”

    “With DeFi, you've got these magical protocols out there that are just wonderful, but they take a little bit of technical skill to use,” Arrington said. 

    “If you can marry a really nice user-facing app that makes it less threatening and much easier to use, you could bring masses to these protocols that haven’t considered it yet.”

    Alice is now taking beta volunteers for the mobile app. It plans to introduce the product to a limited audience in the third quarter.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.