Crypto entrepreneur Alex Masmej has announced selling his personal token ‘$ALEX’ on the Ethereum network for $20,000, according to the BLOCK website.

He is the CEO of Rocket, a company offering loans against non-fungible tokens. The entrepreneur has invested in projects such as MetaCartel DAO, Marketing DAO, and Santa is Money.

After announcing his initial token sale on 7 April, Masmej said on Sunday that he has earned $20,000 from selling 100,000 tokens to 29 participants.

Sale proceeds to be invested in new tech startup

Masmej will use the funds in establishing a new decentralized finance startup in Silicon Valley.

He said:

“With this $20,000 raise, I can move back to SF with a small safety net to maximize my potential. Also, this crisis could lower my living costs cheaper.”

“The token is a blend between a small Income Sharing Agreement and a human IPO,” Masmej added.

$ALEX holders will be entitled to dividends of 15 percent (almost 100,000) on all of his profits over the next three years. The dividends will be paid each three months in the form of DAI or an alternative stablecoin.

The number of $ALEX token holders on Uniswap reaches 200. In addition to receiving a fixed portion of Masmej’s potential profits, the token holders can also enjoy other benefits such as one-on-one meetings with Masmej, as well as possible participation in his next startup.

The tech company which Masmej plans to spend his funds on is still under plan, but the entrepreneur indicated that it will be a DeFi initiative based on saving accounts.

“In this time of crisis, people want to save money and care less about crypto native experiments,” Masmej said. “Right now savings seems to me like the most needed crypto product that is better than traditional finance.”

At the time of writing, ETH rose 3.38 percent to $157.56. It ranks second with a market cap of $17.41 billion.

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