coindesk.com
Thetanuts Finance, a multi-chain structured products protocol, has closed a $17 million funding round led by Polychain Capital, Hyperchain Capital and Magnus Capital.
The new funding will help the company create new partnerships with layer 1 and layer 2 networks, liquidity providers, blockchain foundations, market makers and exchanges.
The fundraise comes as the industry continues to slowly climb out of the crypto winter deep freeze that’s nearly stalled the investment landscape. Infrastructure product shave proven most resilient and decentralized finance (DeFi) projects have taken favor over centralized products after the collapse of centralized exchange FTX last fall.
Thetanuts Finance is a DeFi firm offering a range of crypto structured products that cater to a wide customer base, including option traders, decentralized autonomous organizations (DAOs), market makers and other liquidity providers. Users of the platform can earn yield on major cryptocurrencies and popular altcoins, provide liquidity, and execute short and long options strategies.
Thetanuts Finance will soon launch a buy-side altocin options market powered by decentralized options vaults (DOVs), which the firm says will make options strategies – particularly those involving altcoins – available for a wider range of investors.
“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 Thetanuts Finance advisor Sherwin Lee in the press release.
Thetanuts Finance last raised an $18 million funding round in March 2022 led by crypto fund Three Arrows Capital (3AC), Deribit, QCP Capital and Jump Crypto. 3AC began its public collapse about three months later due in part to the $60 billion implosion of the Terra ecosystem.
Read more: What Is DeFi?