HomeCoinsEthereum (ETH)DeFi choices issuance platform Opyn raises $2.16M in spherical led by Dragonfly...

DeFi choices issuance platform Opyn raises $2.16M in spherical led by Dragonfly Capital

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Opyn, an Ethereum-based choices issuance platform, has raised a $2.16 million funding spherical led by Dragonfly Capital. 

Introduced on Monday in a weblog put up, the funding spherical drew help from 1kx, A. Capital, Model One Ventures, Uncorrelated Ventures, Balaj Srinivasan, Robert Leshner, and others. 

Just lately, Decentralized Finance (DeFi) has gained substantial traction, with protocols like Compound and Balancer issuing platform-specific tokens which have boosted their liquidity. As such, companies associated to decentralized finance (DeFi) protocols, equivalent to threat administration, are grabbing consideration as customers search methods to hedge in opposition to perceived dangers.

“Danger is endemic to DeFi, from technical threat of good contract hacks, to volatility threat within the belongings that act as collateral. Everybody is aware of that DeFi continues to be in its infancy, and for it to make it to the subsequent stage of adoption, it wants a method for customers to hedge in opposition to these dangers,” Dragonfly Capital accomplice Tom Schmidt stated in a separate assertion

Opyn is certainly one of a cluster of rising startups that goal to resolve this downside, because it offers a two-sided market that resembles, in sure methods, a conventional insurance coverage market. 

Customers looking for to guard their deposits on decentralized finance protocols like Compound should purchase choices contracts whose underlying can cowl the worth of their deposits. If the protocols grow to be bancrupt, they’ll train these choices to say the quantity of their misplaced deposits. 

On the opposite facet of this market are choices contract creators who lock up ETH collateral and problem choices represented by the so-called oTokens. They will then promote these tokens on decentralized alternate Uniswap to insurance coverage patrons. 

“As DeFi continues to develop at its present charge, a thriving choices ecosystem might be an essential subsequent step for its maturation and eventual mass adoption,” Opyn CEO and co-founder Zubin Koticha stated within the weblog put up.  

The platform launched in February and presently sits at round $1.four million in whole worth locked, in keeping with DeFi Pulse. Its each day buying and selling quantity has additionally grown, coming in at $1.four million final week, and 476 distinctive addresses are oToken holders.

The staff plans to make use of the newly raised capital to make new hires and enhance security measures.

© 2020 The Block Crypto, Inc. All Rights Reserved. This text is offered for informational functions solely. It isn’t provided or meant for use as authorized, tax, funding, monetary, or different recommendation.



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