Decentralized finance (DeFi) platform, Thetanuts Finance, has raised $17 million in an institutional funding round led by Polychain Capital, Hyperchain Capital, and Magnus Capital.
The funding will be used to expand the platform’s Decentralized Options Vaults (DOVs) and launch an industry-first buy-side altcoin options market.
Traditionally, existing DOV-based protocols have only focused on the sell-side market for large-cap tokens, leaving investors unable to acquire options, particularly for altcoins.
However, Thetanuts Finance aims to be among the first platforms in DeFi to create a two-way market for a more diverse set of asset offerings.
Thetanuts Finance’s DOVs combine an automated market maker (AMM) and money market, enabling investors to speculate on altcoin options prices and arbitrage opportunities.
The company’s industry-first buy-side altcoin options market will allow DeFi investors to access leverage through altcoin options and purchase options in a permissionless manner 24/7.
The platform plans to accelerate the adoption of altcoin options markets across blockchain ecosystems, creating new markets for DeFi users and generating fees for foundations, DAOs, institutions, and other investors.
In addition, Thetanuts Finance intends to form valuable partnerships with prominent L1 and L2 networks and founders, as well as leading liquidity providers, market makers, and exchange platforms.
The new buy-side altcoin options market powered by DOVs is set to launch in beta soon. Thetanuts Finance’s funding round was backed by notable market makers, exchanges, and institutional investors, including Deribit Exchange, QCP Capital, Jump Crypto, Borderless Capital, Tribe Capital, Mirana Ventures, Crypto.com Capital, Raptor Group, GSR, Defi Capital, the Executives of Goldentree Management, MEXC, and Comma Ventures.
