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Thetanuts Finance raises $18 million in seed round funding

Updated: Aug 28, 2024
Published: Mar 1, 2022
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Thetanuts Finance, a multi-chain structured products protocol, announced that it has closed an $18 million funding round.

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Thetanuts Finance raises $18 million in seed funding

The funding round was led by Three Arrows Capital, Deribit, QCP Capital and Jump Crypto. Other participants include DeFi Capital, Raptor Group, Mirana Ventures, Crypto.com Capital, Tribe Capital, Goldentree and Borderless. The protocol will use the capital to develop structured products, as the protocol will include two proprietary additions to Thetanuts Finance's product line, and it plans to work with DAOs and GameFi projects to develop yield generation opportunities.

"We have seen a proliferation of wealth creation in the crypto space. Thetanuts will continue delivering durable wealth preservation strategies to generate sustainable on-chain income for millions of new crypto investors," said Kyle Davies, co-founder, and chairman of Three Arrows Capital.

What is Thetanuts Finance?

Founded in August 2021 by a team of programmers, hedge fund managers, and financial analysts, Thetanuts offers structured products that accept tokens from 11 chains as collateral. The team developed the protocol to provide treasury management for DAOs and help retail investors earn a yield on their tokens.

Thetanuts' vaults aim to simplify options trading and give investors easy access to previously complex instruments. The platform currently has a TVL of $23.72 million, according to DefiLlama. It currently offers 6-10 delta strategies on covered calls for ETH and BTC with a strike of 25% above the spot price.

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