As per reports, on April 24, 2023, Thetanuts Finance, a decentralised finance (DeFi) protocol which offers crypto-based contracts, announced that it has collected about $17 million for investing in a buy-side marketplace and for increasing the number of coins, stated Cointelegraph.
“Thetanuts Finance has completed a $17M institutional funding round led by Polychain, HyperchainC & Magnus_fund, supporting our ambition to create a thriving two-way altcoin option market and continue to push the boundaries for structured DeFi products,” Thetanuts Finance tweeted.
As reported by Cointelegraph, Thetanuts Finance wants to include new funds for creating a “buy-side altcoin options market.” It is expected that by using the new funds the users can get hold of other options present in the crypto market.
Sources revealed that the new market will include a combination of an automatic market creator and a traditional money market for trading. Furthermore, Josh Rosenthal, portfolio manager, Polychain Capital, commented that the new marketplace will support the financial market, Cointelegraph concluded.
(With insights from Cointelegraph)
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