Introducing Ithaca Finance and Its Pre-Seed Funding Round
Ithaca Finance, a non-custodial options protocol, is set to launch its new on-chain options protocol with a pre-seed funding round on January 31, 2024. The funding round, which amounts to $2.5 million, is led by Cumberland and Wintermute Ventures. Notable angel investors such as Andrew Keys of DARMA Capital and Stan Miroshnik of TenSquared Capital are also involved.
The aim of Ithaca Finance is to create a permissionless cross-chain infrastructure that facilitates optimal risk sharing across different time frames and event horizons. By breaking down complex financial contracts into composable elements, Ithaca Finance offers a transparent trading experience for users while enhancing liquidity through its matching algorithm.
What Is Ithaca Doing?
Ithaca Finance’s pre-seed funding round supports its goal of building a non-custodial risk primitive that enables the migration of billions in options volume onto the blockchain. The protocol aims to address the underperformance of on-chain options volumes compared to spot and perpetuals, as well as the lower performance of cryptocurrency options compared to other asset classes.
To tackle these challenges, Ithaca Finance is developing a purpose-built infrastructure that aggregates cross-chain liquidity and facilitates optimal risk sharing. The protocol utilizes an auction-based and MEV-resistant algorithmic market clearing framework.
Dimitrios Kavvathas, the leader of the Ithaca team, expressed gratitude to the investors for their support and emphasized their commitment to revolutionizing digital asset options trading.
Testing the Protocol
Users have the opportunity to test the protocol on the testnet and participate in the “Ithaca Points Program.”
Hot Take: Revolutionizing Options Trading with Ithaca Finance
Ithaca Finance’s upcoming on-chain options protocol, backed by a $2.5 million pre-seed funding round, has the potential to revolutionize the digital asset options trading landscape. By offering a transparent and composable approach to options trading, Ithaca Finance aims to enhance liquidity and address the underperformance of on-chain options volumes. With its purpose-built infrastructure and innovative risk-sharing mechanics, Ithaca Finance is poised to unlock trillions in latent options and structured payoff demand. The involvement of prominent investors further validates the project’s vision and potential impact on the industry. As Ithaca Finance continues to develop its protocol and engage with users through the testnet, it holds great promise for transforming the options market.
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