With the new buy-side marketplace, Thetanuts Finance aims to attract more options buyers.
Thetanuts Finance, a decentralized finance (DeFi) options protocol, has secured $17 million in funding to create a buy-side marketplace and extend its list of supported coins.
According to the announcement shared on April 24th, the funding round was led by crypto investment firms Polychain Capital, Hyperchain Capital, and Magnus Capital.
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The DeFi protocol currently operates DeFi Options Vaults, smart contracts that enable investors to sell call or put options on cryptocurrencies like Ether (ETH), Wrapped Bitcoin (WBTC), Fantom (FTM), and Avalanche (AVAX).
The new funds will be used to develop a "buy-side altcoin options market" aimed at attracting options buyers. According to the announcement, previous DeFi options protocols focused on sellers seeking steady income rather than options traders looking for leverage.
Regarding the matter, the company noted:
We intend to fill this massive opportunity through a novel design that will offer diverse asset offerings in the buy-side market for altcoins options. Our commitment to innovation and decentralization has never been stronger.
The team plans to be among the first protocols to offer suitable products for the buy side of the options market. The company also intends to expand coin offerings to include more altcoins, specifically those from networks that don't use the Ethereum Virtual Machine (EVM).
The upcoming options market will blend elements of an automated market maker and a traditional money market to create a unique trading system for options. A beta version of the new marketplace will be available "soon."
Josh Rosenthal, a portfolio manager at Polychain Capital, believes that the forthcoming marketplace will contribute to a stable financial market during the shift to Web3.
This development highlights the ongoing expansion and innovation within the DeFi space.
Recently, a credit reporting agency in the United States, TransUnion, made its first steps into DeFi as it announced the launch of a credit scoring solution for public blockchain networks.
