Ithaca Finance Raises $2.5 Million in Pre-Seed Funding
Ithaca Finance, a decentralized finance (defi) startup, has successfully raised $2.5 million in a pre-seed funding round. Leading the round were crypto trading firm Cumberland and venture capital firm Wintermute Ventures.
Revolutionizing Digital Asset Options Trading
Ithaca aims to revolutionize the options trading landscape for digital assets by bringing more trading volume on-chain and meeting the increasing demand for structured products in the crypto markets. Its protocol, currently being tested on Arbitrum, utilizes an algorithmic market maker model to bootstrap liquidity.
Experienced Leadership and Technical Team
Ithaca CEO Dimitrios Kavvathas expressed gratitude for the investors’ support and emphasized the partnership’s potential to transform digital asset options trading. Kavvathas brings extensive experience from leadership roles at Goldman Sachs, Deutsche Bank, and crypto lender Amber Group. Additionally, Ithaca’s technical team has a strong background in traditional finance and crypto startups.
Shortening the Path to Institutional-Scale Options Trading
Ithaca’s innovative approach involves fragmenting options contracts into fundamental building blocks, enabling institutional-scale options trading volumes across different blockchains. Their permissionless infrastructure aggregates liquidity and facilitates risk transfer across various assets and time horizons.
Future Plans and Backing
Following an invite-only launch, Ithaca plans to open its protocol later in Q1 2024. The funding round received support from GHAF Capital, Room40 Ventures, and several angel investors. The planned launch aligns with the recovery of defi after a drop in 2022, with a current total value locked (TVL) of over $56 billion.
Hot Take: Ithaca Finance Paves the Way for On-Chain Options Trading
Ithaca Finance’s successful pre-seed funding round of $2.5 million marks an important milestone in its mission to revolutionize digital asset options trading. With experienced leadership and a technical team well-versed in traditional finance and crypto, Ithaca aims to bring more trading volume on-chain and meet the growing demand for structured products in the crypto markets. By fragmenting options contracts into fundamental building blocks, Ithaca seeks to shorten the path to institutional-scale options trading volumes across different blockchains. As defi continues its recovery, Ithaca’s planned launch in Q1 2024 holds promise for further innovation in the space.