DeFi options protocol raises $17M for buy-side marketplace
Thetanuts Finance, a decentralized finance (DeFi) protocol offering crypto options contracts, has raised $17 million to offer a buy-side marketplace and expanded list of coins, according to an April 24 announcement from the team.
Thetanuts Finance has completed a $17M institutional funding round led by @Polychain, @HyperchainC & @Magnus_fund, supporting our ambition to create a thriving two-way altcoin option market and continue to push the boundaries for structured DeFi products.https://t.co/BH4aOUEckd pic.twitter.com/mmGBuCmBHu
The funding round was led by crypto investment firms Polychain Capital, Hyperchain Capital and Magnus Capital.
Thetanuts currently offers DeFi Options Vaults (DOVs), which are smart contracts allowing investors to sell call or put options on Ether (ETH), Wrapped Bitcoin (WBTC), Fantom (FTM), Avalanche (AVAX), and other cryptocurrencies.
The team plans to employ the new funds to produce a “buy-side altcoin options market” to attract options purchasers. The announcement stated that, until now, DeFi options protocols have focused on attracting sellers looking for steady income instead of options traders looking for leverage. Using the newly raised funds, the developers hope to be one of the first protocols to provide adequate products for the buy side of the options market.
They also hope to expand coin offerings to include more “altcoins” or coins with smaller market caps, including tokens from networks that don’t use the Ethereum Virtual Machine (EVM). The new options market will combine aspects of an Automated Market Maker (AMM) protocol and traditional money market to produce a unique system for trading options. It will be available in beta “soon.”
Related: CME to expand Bitcoin and Ether option
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