Opyn closes $6.7mm funding round led by Paradigm
February 3, 2021 — Decentralized options protocol Opyn has closed a $6.7mm Series A funding round, led by Paradigm. Follow-on backers include Kain Warwick and Stani Kulechov. Dragonfly participated after leading the seed round.
The funds will be used to further development and security of the gamma protocol, decentralize the protocol further, and grow the Opyn team, focusing on key research and engineering hires.
“Options are a $300 trillion market that Opyn is reimagining by making it more inclusive, fair, and transparent” said Zubin Koticha, Co-Founder and CEO of Opyn. “Working with Dan and Matt at Paradigm has been incredible — they have helped us design elegant upgrades to the protocol, and are our secret sauce in building code that forever changes the way options are thought about and traded.”
“We are thrilled to partner with Zubin, Aparna, Alexis and the rest of the outstanding Opyn team as they build the primary DeFi options protocol,” commented Matt Huang, Co-founder and Managing Partner at Paradigm. “Options are a key primitive in financial markets, and we are particularly excited to help the team research cutting-edge topics such as capital efficiency, AMM-design, and scaling.”
In June of 2020, Opyn raised a $2.16mm seed round from top DeFi investors, led by Dragonfly with participation from Balaji Srinivasan, Robert Leshner, Version One Ventures, and more. Since then, users have traded more than $125mm of options with Opyn.
Recently, Opyn launched v2 of its protocol, focusing on improving capital efficiency within DeFi. Opyn v2 has many new features and technical improvements, allowing users to trade option spreads and combos, auto-exercise at expiry, and create new options on any whitelisted product, among others. Moving forward, Opyn will focus on reducing margin requirements for naked options, adding options on even more assets, and increasing liquidity through the development of Opyn’s options-specific AMM.
Opyn is a capital efficient DeFi options trading protocol that allows users to buy, sell, and create options on ERC20s. DeFi users and products rely on Opyn’s smart contracts and interface to hedge themselves against DeFi risks or take speculative positions on different cryptocurrencies or tokens. Founded in 2019 by Aparna Krishnan, Zubin Koticha, and Alexis Gauba, the company is based in the blockchain, BUIDLing from all over the world. For more information, visit: www.opyn.co
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