Decentralized finance (DeFi) platform, Thetanuts Finance, has secured $17 million in its latest funding round led by Polychain Capital, Magnus Capital, and Hyperchain Capital. The funds will be used to forge new partnerships with various blockchain-based companies, including layer 1 and layer 2 networks, liquidity providers, market makers, blockchain foundations, and exchanges.
Thetanuts Finance is known for offering crypto-structured products for options traders, DAOs, market makers, and other liquidity providers. Its platform enables users to earn a yield on major cryptocurrencies and popular altcoins, provide liquidity, and execute short and long options strategies.
New Buy-Side Altcoin Options Market on the Horizon
Thetanuts Finance plans to soon launch a buy-side altcoin options market that will be powered by decentralized options vaults. This move is expected to increase accessibility to options strategies involving altcoins, particularly for new and existing ecosystems across different chains, including non-EVMs.
The company’s commitment to innovation and decentralization has never been stronger, according to Thetanuts Finance adviser Sherwin Lee, who expressed his eagerness to drive the DOV model to new heights.
Growing Confidence in DeFi Sector
Thetanuts Finance’s latest funding round is seen as a significant milestone for the DeFi sector, which is gaining more confidence from investors. Blockchain infrastructure providers have proven to be resilient firms during market downturns, and DeFi projects have become more popular than centralized products following the collapse of centralized exchange FTX last fall.
Thetanuts Finance has previously raised $18 million in March 2022 in a funding round led by crypto hedge fund Three Arrows Capital, crypto options exchange Deribit, Jump Crypto and QCP Capital. However, Three Arrows Capital collapsed about three months later due to its exposure to Terra, a crypto network that fell apart in May 2022.