Saturday, December 2, 2023

DeFi Protocol Thetanuts Finance Raises $17M for Enlargement, New Partnerships

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Thetanuts Finance, a multi-chain structured merchandise protocol, has closed a $17 million funding spherical led by Polychain Capital, Hyperchain Capital and Magnus Capital.

The brand new funding will assist the corporate create new partnerships with layer 1 and layer 2 networks, liquidity suppliers, blockchain foundations, market makers and exchanges.

The fundraise comes because the trade continues to slowly climb out of the crypto winter deep freeze that’s practically stalled the funding panorama. Infrastructure product shave confirmed most resilient and decentralized finance (DeFi) tasks have taken favor over centralized merchandise after the collapse of centralized change FTX final fall.

Thetanuts Finance is a DeFi agency providing a spread of crypto structured merchandise that cater to a large buyer base, together with possibility merchants, decentralized autonomous organizations (DAOs), market makers and different liquidity suppliers. Customers of the platform can earn yield on main cryptocurrencies and fashionable altcoins, present liquidity, and execute brief and lengthy choices methods.

Thetanuts Finance will quickly launch a buy-side altocin choices market powered by decentralized choices vaults (DOVs), which the agency says will make choices methods – notably these involving altcoins – out there for a wider vary of buyers.

“At Thetanuts Finance, we’re devoted to main the way in which in constructing a thriving altcoin choices marketplace for each budding and established ecosystems throughout completely different chains, together with non-EVMs. Our dedication to innovation and decentralization has by no means been stronger, and we stay up for driving the DOV mannequin to new heights,” stated Thetanuts Finance advisor Sherwin Lee within the press launch.

Thetanuts Finance final raised an $18 million funding spherical in March 2022 led by crypto fund Three Arrows Capital (3AC), Deribit, QCP Capital and Bounce Crypto. 3AC started its public collapse about three months later due partially to the $60 billion implosion of the Terra ecosystem.

Edited by Parikshit Mishra.

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