Crypto options platform Thetanuts raises $17 million to build a marketplace for buyers.
The team plans to employ the new funds to produce a “buy-side altcoin options market” to attract options purchasers. The announcement stated that, until now, DeFi options protocols have focused on attracting sellers looking for steady income instead of options traders looking for leverage. Using the newly raised funds, the developers hope to be one of the first protocols to provide adequate products for the buy side of the options market.
They also hope to expand coin offerings to include more “altcoins” or coins with smaller market caps, including tokens from networks that don’t use the Ethereum Virtual Machine . The new options market will combine aspects of an Automated Market Maker protocol and traditional money market to produce a unique system for trading options. It will be available in beta “soon.
The traditional futures and options market traded over 60.6 billion contracts in the first nine months of 2022,
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