Thetanuts Finance, a DeFi structured products protocol, has raised $17 million in institutional funding led by Polychain Capital, Hyperchain Capital, and Magnus Capital. The company plans to expand its Decentralized Options Vaults (DOVs) and create a two-way market for a more diverse set of asset offerings.
Thetanuts Finance aims to be one of the first DeFi platforms to launch a buy-side altcoin options market using DOVs.
The company’s DOV-based protocols have traditionally focused on the sell-side market for large-cap tokens only, leaving investors unable to acquire options, particularly for altcoins.
Thetanuts Finance’s industry-first buy-side altcoin options market will enable DeFi investors to access leverage through altcoin options and purchase options in a permissionless manner 24/7.
The company’s DOVs combine an automated market maker (AMM) and money market with its base layer, allowing investors to speculate on altcoin options prices and arbitrage opportunities.
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.
The company plans to forge valuable partnerships with prominent L1 and L2 networks and founders, as well as leading liquidity providers, foundations, market makers, and exchange platforms.
Notably, Thetanuts Finance’s new buy-side altcoin options market powered by DOVs is set to launch in beta soon. The funding round was backed by prominent market makers, exchanges, and institutional investors, including Deribit Exchange, QCP Capital, Jump Crypto, Borderless Capital, Tribe Capital, Mirana Ventures, Crypto.com Capital, Raptor Group, GSR, Defi Capital, the Executives of Goldentree Management, MEXC, and Comma Ventures.