Decentralized Options Platform Opyn Raises $6.7M
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4 February
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Decentralized options platform Opyn has raised $6.7M through a Series A funding round.

According to Opyn, venture capital firm Paradigm has led the round. Other participants include Synthetix co-founder Kain Warwick and DeFi project head Aave Stani Kulechov. Opyn co-founder Zubin Koticha said:

"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."

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The alpha version of the options platform was launched in the summer of 2019. Opyn v2, the current version of the protocol, has been live since December. Matt Huang, co-founder of Paradigm, said:

"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."

Opyn has previously raised $2.16M from Dragonfly Capital, Compound founder Robert Leshner, former Coinbase CTO Balaji Srinivasan and others.

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