The .xyz community is home to financial services and developers launching innovative decentralized finance (DeFi) platforms and cryptocurrency tools. Investment management company Destiny.xyz is aimed at helping investors gain access to the private tech industry. San Francisco-based payments processing platform Paper.xyz aims to help creators accept payment for NFTs using credit cards and cross-chain cryptocurrency. Investment platform Launchpool.xyz aims to connect investment funds and communities to work together towards the same goals. In this week’s #BlockchainThursday, we’ll introduce you to a crypto-focused company aimed at helping investors diversify their portfolios: Alongside.xyz.
Alongside.xyz is the online home of Alongside, a crypto index-focused startup that aims to make it easier for investors to gain exposure to the entire crypto asset market. The startup strives to be a bridge for a broader audience to access this space, and to create products for investors to diversify through passive indices. Indices are a way to measure how well a group of stocks is doing. They help you see how the whole market is performing, instead of just looking at one company. These are also known as stock indices, share indices, or simply “the stock market.” In February 2023, Alongside closed an $11 million seed round led by Andreessen Horowitz, in addition to investors such as Coinbase Ventures, Franklin Templeton Investments, and Village Global.1
The startup’s first product, the Alongside Crypto Market Index ($AMKT), is a crypto token that is designed to help you invest in the whole crypto market. The token is based on the top 25 crypto assets, which are chosen based on how much they’re worth, and it doesn’t include some crypto assets that might be risky because of rules from the government. All the assets are kept safe by crypto exchange platform Coinbase, and the token is available on different platforms that let you buy and sell crypto. As co-founder and CEO Austin Diamond shared in the press, “At a high level, we’re building what I describe as an on-chain Vanguard. The goal is low-fee index products designed to enable total market exposure to crypto as a whole.”
The company’s name Alongside is a reference to the world of mutual funds where everyone invests alongside each other. In August 2022, we had the opportunity to speak with Alongside’s Head of Community about the company’s choice to build on .xyz. As he told us, “We love the .xyz domain cause it’s become more or less the norm in the crypto/web3 space but also because it complements our brand’s name the best!” We are inspired by Alongside’s mission to help more people gain access to the world of crypto. You can learn more by following Alongside on Twitter and LinkedIn, joining the Discord, and visiting Alongside.xyz.
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