- The funding was backed by three crypto investment firms.
- Thetanuts plans to use its newly raised funds to create a buy-side altcoin options market.
- The team hopes to increase coin offerings and embrace more altcoins or coins with lower market caps.
DeFi finance protocol has successfully raised $17 million in its bid to offer a buy-side marketplace and an extended list of cryptocurrencies.
On April 24, Thetanuts Finance published its plans on the Medium platform, stating that its new upgrade would combine an automated money market and a market maker.
Thetanuts took to Twitter to notify its community about its successful mission and praised the companies involved in raising the $17 million.
“Thetanuts Finance has completed a $17 million institutional funding round which was governed by HyperchainC, Polychain, and Magnus_fund,”
The three investment firms were said to have supported the DeFi protocol’s goal to create a two-way altcoin option market as it continues to go beyond the limits for structured decentralized finance products and derivatives in DeFi.
The firm reported that with the help of its supporters, it would be able to build lasting partnerships with leading L1/L2 founders and projects, foundations, thriving exchanges, liquidity providers, and market makers.
Launched in 2021, Thetanuts Finance was built to offer treasury management for DAOs (Decentralised Autonomous Organisations) and assist retail traders in earning organic yields on their crypto assets.
According to the Thetanuts team, the company would develop a buy-side altcoin options market with the newly acquired funds to pull in options traders. The firm also mentioned that it hoped to broaden its coin offerings by including more altcoins, such as coins with lower market caps and tokens from networks not operating on the Ethereum Virtual Machine.
“To pursue meaningful growth in this space, DOVs must advance to facilitate two-way markets and over more diverse assets.”
The firm added that the current DOV-based protocols were solely focused on the “sell-side market” for large-cap tokens; however, with the absence of liquidity sources and decentralized options exchanges, interested users cannot purchase options.
In its statement, Thetanuts Finance detailed the several ways in which it planned to put the newly raised capital to use and address the deficiencies in the requirements identified as being present in most existing DeFi protocols throughout the industry.
The company said that it would use the cash to develop and run a buy-side altcoin options market through DOVs and that it would also permit free markets to discuss altcoin values. The funds came from an investment of $17 million.
“Thetanuts Finance continues to provide innovative financial products to the options market, and we are excited to support its goal of becoming a leading altcoin options market player in the industry,” the CEO of Hyperchain Capital, Stelian Balta, commented.
Conclusion
Thetanuts Finance has chosen to provide crypto users with a platform where altcoins can be easily accessible and purchased.
