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Ithaca Finance, a decentralized finance (defi) startup constructing composable choices infrastructure, has raised $2.5 million in a pre-seed funding spherical.
The spherical was co-led by crypto buying and selling agency Cumberland and enterprise capital agency Wintermute Ventures.
Ithaca goals to deliver extra choices buying and selling quantity on-chain and meet the rising demand for structured merchandise in crypto markets.
Now, in testing on Arbitrum, its protocol makes use of an algorithmic market maker mannequin to bootstrap liquidity.
Commenting, Ithaca CEO Dimitrios Kavvathas mentioned:
“We’re actually grateful for our buyers’ assist and are trying ahead to revolutionizing the digital asset choices buying and selling panorama with their steerage and partnership.”
Kavvathas beforehand held management roles at Goldman Sachs, Deutsche Financial institution, and crypto lender Amber Group. Ithaca’s technical crew additionally has expertise throughout conventional finance and crypto startups.
Ithaca says it may possibly shorten the trail to institutional-scale choices buying and selling volumes throughout blockchains by fragmenting choices contracts into basic constructing blocks. Its permissionless infrastructure aggregates liquidity and allows danger switch throughout property and time horizons.
Following an invite-only launch, Ithaca plans to open its protocol later in Q1 2024. The funding spherical additionally included backing from GHAF Capital, Room40 Ventures, and several other angel buyers.
The deliberate launch is when defi is recovering after the drop in 2022. Up to now, the defi complete worth locked (TVL) stands at over $56 billion.
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