Opyn, a DeFi options platform, raises $6.7 million

The decentralized options platform Opyn raised $6.7 million in a Series A round.

We’re excited to announce that Opyn has raised a $6.7mm Series A round led by @paradigm https://t.co/lEVMxUWf49

— opyn (@opyn_) February 3, 2021

The round was led by venture firm Paradigm. It also saw participation from Synthetix co-founder Kane Warwick and Stani Kulechov, head of the DeFi project Aave.

“The funds will be used to advance the development and security of the Gamma protocol, as well as to expand the Opyn team. We will focus on key research and recruiting new developers,” said Zubin Koticha, CEO and co-founder of Opyn.

The alpha version of the options platform was launched in summer 2019. The current version of the protocol — Opyn v2 — has been live since December.

“Options are a key pillar of financial markets. We are extremely excited to help the team explore such cutting-edge directions as capital efficiency, the development of automated market maker mechanisms, and scaling,” said Matt Huang, co-founder of Paradigm.

In summer 2020 Opyn raised $2.16 million in a seed round led by Dragonfly Capital. It also saw participation from Compound founder Robert Leshner and former Coinbase CTO Balaji Srinivasan.

As a reminder, in August hackers withdrew around $371,000 from Opyn, exploiting a vulnerability in the project\’s internal token.

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