Cumberland and Wintermute Ventures Lead Pre-Seed Round for Composable Option Protocol

Ithaca Finance Secures $2.5 Million in Pre-Seed Funding

Hong Kong-based composable option protocol, Ithaca Finance, has announced a successful pre-seed funding round, raising $2.5 million. The round was co-led by Cumberland and Wintermute Ventures, with participation from Room40 Ventures, Ghaf Capital Partners, and several angel investors.

Protocol Launches Mainnet Following Successful Testnet

The Ithaca Protocol is already live on the Arbitrum testnet and is preparing for an invite-only mainnet launch. The full launch of the protocol is expected later this quarter.

Addressing Challenges in On-Chain Option Volumes

Ithaca aims to address the underperformance of on-chain option volumes compared to spot and perpetual options in the crypto market. The protocol utilizes a matching engine that decomposes option payoffs into building blocks and incorporates replication, portfolio dominance, and collateral optimization principles.

Revolutionizing Digital Asset Options Trading

Ithaca’s mission is to revolutionize the digital asset options trading landscape by providing permissionless infrastructure for cross-chain liquidity aggregation and optimal risk sharing across time and event horizons. The protocol features an auction-based algorithmic market clearing framework that enhances liquidity and enables instant deployment of composable options and structured product markets for any asset.

Experienced Team Leads Ithaca Finance

The team behind Ithaca Finance has a wealth of experience in finance and crypto, with members who have worked at top firms such as Goldman Sachs, BAML, Deutsche Bank, and more. Dimitrios Kavvathas, the leader of the team, expressed gratitude for the investors’ support and emphasized their commitment to revolutionizing digital asset options trading.

Hot Take: Ithaca Finance Raises Funds to Disrupt Options Trading

Ithaca Finance, a composable option protocol, has successfully raised $2.5 million in pre-seed funding. The funding round was led by Cumberland and Wintermute Ventures, with participation from other notable investors. The protocol aims to address the underperformance of on-chain option volumes and revolutionize digital asset options trading. By utilizing a matching engine and auction-based market clearing framework, Ithaca Finance seeks to enhance liquidity and enable instant deployment of composable options for any asset. With an experienced team at the helm, Ithaca Finance is well-positioned to disrupt the options trading landscape in the crypto market.