Cryptocurrency

Filecoin

when

Nexo

Partner

<div class="finbold">
 <p class="paragraph">Ithaca Finance, a non-custodial, composable options protocol aimed at building permissionless cross-chain infrastructure enabling optimal risk sharing across time and event horizons, is announcing a pre-seed round for its new on-chain options protocol on January 31, 2024, per the latest information shared with Finbold.</p>
 <p class="paragraph">The $2.5 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> <a rel="noopener noreferrer nofollow" title="pre-seed" href="https://thebittimes.com/tag/pre-seed.html">pre-seed</a> funding <a rel="noopener noreferrer nofollow" title="round" href="https://thebittimes.com/tag/round.html">round</a> boasts a long list of prominent names and is led by Cumberland and Wintermute Ventures. Additionally, it <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> angel investors Andrew Keys of DARMA Capital, Stan Miroshnik of TenSquared Capital, and Georgios Vlachos of Axelar, as well as Room40 Ventures and Ghaf Capital Partners.</p>
 <p class="paragraph">Commenting on the round, Cumberland highlighted the expertise of Ithaca’s team, while Wintermute highlighted its high hopes for the company’s protocol:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">Ithaca’s options platform breaks down complex financial contracts into composable elements, making it easier to handle risk and resulting in a transparent trading experience for users, and it achieves this with a liquidity-enhancing matching algorithm. We believe the team’s vision is a truly innovative approach to building composable options markets for any asset, and we’re excited to be part of this journey.</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-what-exactly-is-ithaca-doing">What exactly is Ithaca doing?</h2>
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/31/346de6d736049155ab639f5dcb29e5c0.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="remarkably-precise-indicator-hints-at-huge-shib-surge">‘Remarkably precise’ indicator hints at huge SHIB surge</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/31/7a575dc56503319dc2b44323ce7e9ddf.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="filecoin-integrates-pyth-price-feeds-to-enhance-decentralized-storage">Filecoin integrates Pyth price feeds to enhance decentralized storage</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/31/84e40ddee78791dbe5f74e5af450ec16.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="bbox-secures-2-7m-in-pre-seed-funding-for-decentralized-derivative-trading">BBOX secures $2.7M in pre-seed funding for decentralized derivative trading</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/31/516f7d18b343ab2182693c18ca3898eb.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="nexo-solidifies-data-protection-and-cloud-privacy-with-two-iso-certifications">Nexo solidifies data protection and cloud privacy with two ISO certifications</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/30/216a065b02e5b22ab3ca2106b8f52c7f.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Financial crime 
       <h3 class="font-bold leading-6 " id="dea-seizes-largest-150m-in-crypto-from-the-dark-web">DEA seizes largest $150m in crypto from the dark web</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">The pre-seed funding round announced on January 31 supports Ithaca’s goal of building a non-custodial risk primitive aimed at helping billions in options volume migrate on-chain and enable an efficient outlet for trillions in latent options and structured payoff demand.</p>
 <p class="paragraph">According to the information shared with Finbold, on-chain options volumes are underperforming compared with spot and perpetuals, and cryptocurrency options are undershooting when compared to all other asset classes.</p>
 <p class="paragraph">With its protocol, Ithaca hopes to boost the underperforming sector while solving issues such as fragmentation across blockchains and low liquidity amidst an absence of innovation in risk-sharing mechanics.</p>
 <p class="paragraph">To this end, the company is designing a permissionless purpose-built infrastructure to aggregate cross-chain liquidity and enable optimal risk sharing. The protocol is powered by an algorithmic market clearing framework that is auction-based and MEV-resistant.</p>
 <p class="paragraph">Dimitrios Kavvathas, the leader of the Ithaca team and former Partner at Goldman Sachs (NYSE: GS), also took the time to express gratitude to the investors in the pre-seed round by stating:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">We are truly grateful for our investors’ support and are looking forward to revolutionizing the digital asset <a rel="noopener noreferrer nofollow" title="options" href="https://thebittimes.com/tag/options.html">options</a> trading landscape with their guidance and partnership.</p>
 </blockquote>
 <p class="paragraph">Users can already test the protocol on the testnet and, in doing so, participate in the ‘Ithaca Points Program.’</p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ithaca-announces-2-5-million-pre-seed-round-for-novel-on-chain-options-protocol-tbt78382.html">https://thebittimes.com/ithaca-announces-2-5-million-pre-seed-round-for-novel-on-chain-options-protocol-tbt78382.html</a></p>

Ithaca announces $2.5 million pre-seed round for novel on-chain options protocol

Table of Contents

TheBitTimes

Other articles published on Jan 31, 2024

Shiba Inu: You Could Have Made $1 Billion With Just $6.2k in SHIB

Should XRP HODLers be worried as the price drops further? ADA and NUGX target XRP Price

THORChain proposes burning $300m in RUNE to ‘scale lending’

December & Janaury 16,000% gains!

First Bitcoin Staking L2 with Native Yield ‘Social Network’ Launches Testnet

Tether's growth and profits continue to dwarf Circle

Join our free newsletter for daily crypto updates!