Thetanuts Finance, one of the earliest DeFi structured products protocols, has scored a major success by closing a $17M institutional funding round. This round was led by big names such as Polychain Capital, Hyperchain Capital and Magnus Capital.

Thetanuts Finance has earned a name for itself with its Decentralized Options Vaults (DOVs) which form the cornerstone of the DeFi options market. The investors in the recently concluded funding round are determined to back the firm’s plan to stretch the limits of structured DeFi products and derivatives and give more people access to a variety of asset classes.

Thetanuts Finance will now be aiming to establish valuable alliances with the leading layer 1 and layer 2 networks and founders in the DeFi space, as well as with market makers, liquidity providers, exchanges and foundations. Moreover, the company is looking to become the first DeFi platform to launch buy-side altcoin options markets based on the DOV concept. At present, DOV-based products usually focus on the sell-side market for large-cap tokens, with the lack of decentralized options exchanges and liquidity sources restricting the ability of investors to acquire options, particularly for altcoins. This presents a major opportunity for Thetanuts Finance to expand.

Commenting on the successful funding round, Thetanuts Finance Advisor Sherwin Lee said, “Thetanuts Finance is committed to pioneering the way in building an active altcoin options market for all types of ecosystems, and this includes non-EVMs as well. We are determined to take DOV models to new heights.”

The funds from the funding round will be used to increase the capabilities of the protocol when it comes to DOVs. Thetanuts Finance’s buy-side altcoin options market, powered by DOVs and in beta soon, is expected to give a major boost to the adoption of altcoin options markets across blockchain ecosystems, providing more options for DeFi users and fee-earning possibilities for institutions, DAOs, foundations and other investors.