Thetanuts Finance completes $17M institutional funding round led by Polychain

2023-4-25 22:31

Thetanuts Finance is one of the early pioneers of DeFi structured products protocol. It has today announced the completion of a $17 million institutional funding round. The funding round was led by Polychain Capital, Hyperchain Capital and Magnus Capital.

One of the earlier pioneers of decentralized finance structured products, Thetanuts Finance has successfully completed a $17 million institutional funding round. The funding was led by giants like Polychain Capital, Hyperchain Capital and Magnus Capital.

Thetanuts Finance is known for the Decentralized Options Vaults (DOVs) which is the fundamental building block of the overall DeFi options market.

Pushing structured DeFi products boundaries

Thetanuts Finance has an ambitious plan to push the boundaries for structured DeFi products and derivatives and expand access to more diverse asset classes. The investors who participated in the just concluded funding round are committed to supporting the protocol with its plans.

Thetanuts will now strive to forge valuable partnerships with the DeFi’s most prominent layer 1 and layer 2 networks and founders, and its leading liquidity providers, foundations, market makers and exchange platforms.

The company is also planning to become the first DeFi platform to launch buy-side altcoin options markets using the concept of DOVs. However, DOV-based products currently often focus on the sell-side market for only large-cap tokens. This coupled with a lack of decentralized options exchange platforms and liquidity sources results in investors being unable to acquire options, especially for altcoins.

Therefore, there is a huge opportunity for Thetanuts Finance to expand this market.

Commenting on the successful funding round, the Advisor at Thetanuts Finance, Sherwin Lee, said:

“At Thetanuts Finance, we are dedicated to leading the way in building a thriving altcoin options market for both budding and established ecosystems across different chains, including non-EVMs. Our commitment to innovation and decentralization has never been stronger, and we look forward to driving the DOV model to new heights.”

Thetanuts Finance’s buy-side altcoin options market

The funds obtained from the funding will be used to scale the protocol’s efforts to deliver the next breakthrough in DOVs. Thetanuts Finance’s new buy-side altcoin options market powered by DOVs is launching in beta soon.

The buy-side altcoin options market will accelerate the adoption of altcoin options markets across blockchain ecosystems, creating new markets for DeFi users and fee-generation opportunities for foundations, DAOs, institutions and other investors.

The post Thetanuts Finance completes $17M institutional funding round led by Polychain appeared first on CoinJournal.

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Источник: coinjournal.net

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