DeFi project Opium Protocol raises $3.25 million from Alameda Research and Galaxy Digital

Opium Protocol, a DeFi derivatives platform, raised $3.25 million in a funding round with participation from Galaxy Digital, Alameda Research, HashKey Group and CMS Holdings.

We are honoured to close 3.3M funding round with great support of @StaniKulechov, @QCPCapital, @HashKeyGroup, @GalaxyDigital, @RockawayBlock, @VENTURE_DAO, @SBF_Alameda, @cmsholdings, @KeneticCapital, @oneblockcapital, @ZeePrimeCap, @hjmomtazi and more…https://t.co/lFCKB5Y8n3

— Opium.Team (@Opium_Network) November 2, 2020

Representatives said the raised funds will help deploy new derivatives on the decentralized finance market. They also noted that Stani Kulechov, head of Aave, joined the startup as an adviser.

«Derivatives … not only allow efficient risk trading but also boost capital efficiency. These features are key for a mature financial system, and they will also be widely used in DeFi», — noted Opium Protocol founder Andrey Belyakov.

Opium Protocol is a protocol for developing, executing and trading derivative instruments. The project enables creating decentralized counterparts to traditional financial derivatives within the ecosystem.

The team unveiled several products for the DeFi sector, including credit-default swaps for AAVE, Tether and wBTC.

In July, Curv, a provider of custody infrastructure for storing cryptocurrencies, raised $23 million. The Series A round was led by Commerzbank Group, Coinbase Ventures and Digital Currency Group.

In late October, participated in an additional round by investment giants Franklin Templeton and Illuminate Financial.

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