Opyn, a decentralised finance (DeFi) protection and risk management platform, has closed a $2.16m funding round.
The investment was led by Dragonfly Capital managing partner Haseeb Qureshi and partner Tom Schmidt. Additional support came from Version One Ventures, Uncorrelated Ventures, 1kx, A. Capital, DTC Capital and CoinFund.
Several angel investors also contributed to the round.
Having closed the round, the company is looking to grow its team and bolster the development of its platform.
Opyn has a goal of creating an inclusive, fair and open financial system.
When using a DeFI, users and projects face a plethora of risks and threats, including hacking, market volatility and the fluctuating value of Ethereum and Bitcoin. By leveraging the Opyn solution, users can protect themselves from these risks via protective put options called “oTokens.”
These tokens are also deposit collateral in a smart contract which enables them to mint and sell oTokens, earning premiums for protecting others. Finally Opyn is non-custodial, which means each user has sole control of their funds and assets.
Opyn has created the Convexity Protocol, an open-source and decentralised options protocol which runs on the Ethereum blockchain.
Dragonfly Capital partner Tom Schmidt said, “Opyn is starting a new chapter in DeFi by unlocking options and offering a new and powerful financial primitive that brings stability to a historically-volatile market. We’ve known Alexis, Aparna, and Zubin for some time now, and have been continually impressed with their focus on solving end-user problems and shipping fast.
“Opyn is already dominating the decentralized options market, and we’re thrilled to be working with them in building a new, open financial system.”
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