Brix raises $5.5M, launches iTRY lira token on MegaETH

Brix raised $5.5 million to build tokenized products that package yield from local financial markets and make them tradable onchain. The company will open public access to its first product, iTRY, on MegaETH’s World Markets platform on April 20. iTRY is backed by Turkish lira money market funds.

The funding round included FRWRD, the venture arm of Yapi Kredi; Is Asset Management, the asset management arm of Is Bank; and crypto-focused investors including Circle Ventures, ConsenSys and Borderless Capital. Brix said it will use the proceeds to roll out additional tokenized assets tied to local yields and to expand distribution on blockchains.

iTRY converts exposure to Turkish lira money market funds into a tradable token. Turkey’s central bank policy rate has been near 40 percent, creating a high-yield environment in local short-term instruments. Brix packages the underlying fund positions so the token can be traded onchain, used as collateral and connected to decentralized finance applications. Local financial partners originate and manage the funds that back the tokens while Brix handles onchain distribution and composability.

Alp Ergin, co-founder and chief executive of Brix, described a split model in which regional institutions handle asset origination and management while Brix manages distribution and onchain integration.

The startup is developing similar tokens tied to equities, funds and bonds in markets that include the United Arab Emirates, Egypt, Mexico, Brazil and South Korea. Brix estimates emerging markets represent about 38 percent of the global economy and roughly 60 percent of global growth, figures it cites to define its addressable market.

Investor Will Price highlighted yield differentials between regions, noting that compressed rates in some markets have increased interest in higher-yield opportunities abroad and that tokenization can broaden access to those trades.

The launch will also test MegaETH’s network for use cases that require near-real-time pricing and rapid settlement. MegaETH’s mainnet has promoted high throughput and low latency, claiming tens of thousands of transactions per second and sub-second block times. The network’s plans include using stablecoin revenue to support token buybacks and linking token distribution schedules to performance metrics.

Brix said the April 20 public launch will serve as an initial proof point for iTRY’s liquidity and for MegaETH’s capacity to support continuous pricing and fast settlement. The company intends the token to be usable across decentralized finance: tradable on secondary markets, acceptable as collateral and integrable into other onchain products.