Quantitative yield protocol Axis raises $5 million in funding, led by Galaxy Ventures.

Odaily Planet Daily reports that quantitative yield protocol Axis has completed a $5 million private funding round, led by Galaxy Ventures. The round was oversubscribed four times, with participation from OKX Ventures, FalconX, GSR, Maven 11, CMS Holdings, and Marc Zeller, founder of the Aave Chan Initiative. The protocol's first product, USDx, is a US dollar-pegged digital asset designed to maintain value and generate returns through an arbitrage engine. Products based on Bitcoin and gold will be launched later.