Crypto derivatives trade Opium has closed a $3.25 million funding spherical involving buyers corresponding to QCP Soteria, Kenetic Capital and Sam
Crypto derivatives trade Opium has closed a $3.25 million funding spherical involving buyers corresponding to QCP Soteria, Kenetic Capital and Sam Bankman-Fried’s Alameda Analysis.
The Amsterdam-based startup permits for customers to launch customized and unique decentralized derivatives that anybody with an web connection and an Ethereum pockets can entry.
Founder and CEO Andrey Belyakov informed CoinDesk in an interview that Opium was created to resolve three issues within the conventional derivatives market: transparency, barrier to entry and cost-efficiency.
“You can’t make derivatives except you’ve acquired hundreds of thousands of {dollars} to spare,” Belyakov stated. He added that every one three of those issues might be solved with blockchain as a result of then “everybody can run his personal derivatives.”
The protocol was designed over two years in the past, lengthy earlier than decentralized finance (DeFi) popped into an $11 billion market over the summer season.
“We’re making DeFi extra environment friendly within the quick time period however our long-term purpose is to compete with conventional derivatives on this enormous market,” Belyakov stated.
Final month, Opium launched credit score default swaps for tether (USDT) to insure patrons within the occasion of a default by Tether, the issuer of the world’s largest stablecoin and fifth-largest cryptocurrency general.
The corporate informed CoinDesk it additionally has plans to launch completely different credit score default swaps to compete with different options on the insurance coverage market.
Investor Jehan Chu, co-founder of Kenetic Capital, stated in a press assertion:
“Opium’s BYOD (construct your individual by-product) platform will unlock worth throughout inefficient markets and industries and can energy DeFi by its evolution to tokenize capital markets.”