Thetanuts Finance has closed an institutional funding round on $17m, as it looks to create a buy-side altcoins options market.
The investment was led by Polychain Capital, Hyperchain Capital and Magnus Capital.
This capital will help Thetanuts push the boundaries for structured products and derivatives in decentralised finance. Funds will also help Thetanuts to build partnerships with L1/L2 projects and founders, liquidity providers, foundations, market makers and major exchanges.
Thetanuts prides itself as an early pioneer of the Decentralised Options Vaults (DOVs) model, which serves as a foundational building block in the decentralised cryptocurrency option market. It stated that to drive meaningful progress in the space, DOVs need to evolve to facilitate two-way markets and offer more diverse asset offerings.
Existing DOC-based protocols are currently exclusively focused on the sell-side market for large cap tokens. Combined with the lack of decentralised options exchanges and liquidity sources, users have little ability to buy options, particularly for altcoins, Thetanuts explained.
Thetanuts Finance advisor 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 decentralisation has never been stronger, and we look forward to driving the DOV model to new heights.”
Through the support of the $17m investment, Thetanuts hopes to build a buy-side altcoin options market through DOVs. It also hopes to deliver a novel design that combines a DOV layer with an AMM and money market that will enable users to access leverage using altcoin options.
Other goals include to allow users to purchase options in a permissionless manner 24/7 and enable free markets to speculate on altcoin option prices and arbitrage opportunities.
Earlier in the week, Nebeus, a banking alternative for Web3 that integrates traditional banking and cryptocurrencies, reached its crowdfunding target of €1.1m.
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