DeFi protocol Thetanuts Finance closes $18M seed funding round

New decentralized finance (DeFi) protocol Thetanuts Finance announced Tuesday that it has raised $18 million in a seed funding round co-led by four renowned firms.

We are pleased to announce the completion of the seed round, led by Three Arrows Capital, @DeribitExchange, @QCPCapital, and @JumpCryptoHQ.

The US$18 million capital infusion from the seed round will go toward our efforts to create innovative #DeFi structured products. pic.twitter.com/0DWO7fKNUc

— Thetanuts Finance (@ThetanutsFi) March 1, 2022

Per the press release issued today, the round was led by Three Arrows Capital, Deribit, QCP Capital, and Jump Crypto. With the funding, the firm aims to develop “user-friendly instruments” and DeFi structured products.

Darius Sit, CIO of QCP Capital, elaborated on Thetanuts’ offerings and said:

“We are seeing more institutional activity and maturation of core assets like Bitcoin and Ether. DeFi options have accelerated the development of the altcoin option market. One of Thetanuts’ flagship products is Theta-Index, the only product in the DeFi structured product space that makes generating yield as simple as a swap.”

Thetanuts Finance currently offers structured products that accept tokens from 11 chains as collateral, as well as access to risk-adjusted yield opportunities in new options markets.

The project is currently also backed by DeFi Capital, Raptor Group, Mirana Ventures, Crypto.com Capital, Tribe Capital, Goldentree, and Borderless.

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