Thetanuts Finance Closes $17 Million Funding Round To Transform DeFi’s Altcoin Options Market

April 24, 2023 at 09:47 AM EDT

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Thetanuts Finance, one of the early pioneers for DeFi structured products protocol, is thrilled to announce the completion of a $17 million institutional funding round, led by Polychain Capital, Hyperchain Capital and Magnus Capital.

Thetanuts Finance is at the forefront of the Decentralized Options Vaults (DOVs) sector as a foundational building block of the overall DeFi options market. In order to drive meaningful progress in the space, DOVs need to evolve and support two-way markets and a more diverse set of asset offerings.

The investors in today’s round are committed to supporting Thetanuts Finance’s ambition to push the boundaries for structured DeFi products and derivatives, and expand accessibility to more diverse asset classes. With their support, the company will strive to forge valuable partnerships with the DeFi industry’s most prominent L1 and L2 networks and founders, as well as its leading liquidity providers, foundations, market makers and exchange platforms.

As part of this development, Thetanuts Finance is planning to be amongst the first platforms in DeFi to launch buy-side altcoin options markets, while utilizing the concept of DOVs. Until now, existing DOV-based protocols have most often focused on the sell-side market for large cap tokens only. This focus, coupled with the lack of decentralized options exchange platforms and liquidity sources, has resulted in investors being unable to acquire options, especially for altcoins. There’s an enormous opportunity to expand this market, and Thetanuts Finance is prepared to give the people what they want.

“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,” said Sherwin Lee, Advisor at Thetanuts Finance.

The funds from today’s round will enable Thetanuts Finance to scale its efforts to deliver the next breakthrough in DOVs. Its industry-first buy-side altcoin options market will be based on a novel design that combines the Thetanuts Finance base layer with an AMM and money market, enabling DeFi investors to access leverage through altcoin options. Users will be able to purchase options in a permissionless manner 24/7, enabling the market to speculate on altcoin options prices and arbitrage opportunities.

Through its underlying buy-side mechanism and accessible DOV infrastructure, Thetanuts Finance intends to 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.

“Functional derivatives are a key component of a healthy financial market. We are excited to back Thetanuts Finance in its mission to bring net new, foundational core products to the decentralized options market,” said Josh Rosenthal, Portfolio Manager at Polychain Capital LP.

“Thetanuts Finance continues to bring innovative financial products to the options market and we are thrilled to support their vision of becoming the leading altcoin options market player in the evolving multichain world” said Stelian Balta, CEO of Hyperchain Capital.

"We at Magnus Capital are incredibly excited about Thetanuts Finance's vision to revolutionize the altcoin options market through their innovative Decentralized Options Vaults. Their commitment to pushing the boundaries of DeFi and expanding accessibility to diverse asset classes aligns perfectly with our own mission. We believe Thetanuts Finance has the potential to transform the options market, unlocking new opportunities for traders, liquidity providers, and the broader Web3 ecosystem” said Ken Bassig, Head of Venture at Magnus Capital.

Thetanuts Finance’s new buy-side altcoin options market powered by DOVs is launching in beta soon. Be sure to follow its official channels on Twitter, Discord and Medium for updates.

About Thetanuts Finance

Thetanuts Finance’s is a multichain decentralized options protocol that offers a range of crypto structured products catering to various market participants, including option traders, DAOs, market makers, and liquidity providers. The platform offers a comprehensive range of products for both major cryptocurrencies like BTC and ETH, as well as popular altcoins, enabling users to earn yield on their tokens, provide liquidity, and trade long and short cryptocurrency options.

The platform is founded by a team of expert programmers, hedge fund managers, and financial analysts with a wealth of experience in building financial crypto products. Backed by Deribit Exchange, QCP Capital, Jump Crypto, Borderless Capital, Tribe Capital, Mirana Ventures, Crypto.com Capital, Hyperchain Capital, Raptor Group, GSR, Defi Capital, the Executives of Goldentree Management, MEXC, Comma Ventures and other prominent market makers, exchanges and institutional investors, Thetanuts finance aims to develop first in class infrastructure for crypto derivatives market participants.