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 <p class="is-style-lead">Ithaca Finance, a decentralized finance (defi) startup building composable options infrastructure, has raised $2.5 million in a pre-seed funding round.&nbsp;</p>
 <p>The round was co-led by crypto trading firm Cumberland and venture capital firm Wintermute Ventures.</p>
 <p>Ithaca aims to bring more <a rel="noopener noreferrer nofollow" title="options" href="https://thebittimes.com/tag/options.html">options</a> trading volume on<a rel="noopener noreferrer nofollow" title="-chain" href="https://thebittimes.com/tag/chain.html">-chain</a> and meet the growing demand for structured products in crypto markets.&nbsp;</p>
 <p>Now, in testing on Arbitrum, its <a rel="noopener noreferrer nofollow" title="protocol" href="https://thebittimes.com/tag/protocol.html">protocol</a> uses an algorithmic market maker model to bootstrap liquidity.</p>
 <p>Commenting, Ithaca CEO Dimitrios Kavvathas said:</p>
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  <p>“We are truly grateful for our investors’ support and are looking forward to revolutionizing the digital asset options trading landscape with their guidance and partnership.”</p>
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 <p>Kavvathas previously held leadership roles at Goldman Sachs, Deutsche Bank, and crypto lender Amber Group. Ithaca’s technical team also has experience across traditional finance and crypto startups.</p>
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 <p>Ithaca says it can shorten the path to institutional-scale <a rel="noopener noreferrer nofollow" title="options" href="https://thebittimes.com/tag/options.html">options</a> trading volumes across blockchains by fragmenting <a rel="noopener noreferrer nofollow" title="options" href="https://thebittimes.com/tag/options.html">options</a> contracts into fundamental building blocks. Its permissionless infrastructure aggregates liquidity and enables risk transfer across assets and time horizons.</p>
 <p>Following an invite-only launch, Ithaca plans to open its <a rel="noopener noreferrer nofollow" title="protocol" href="https://thebittimes.com/tag/protocol.html">protocol</a> later in Q1 2024. The funding round also included backing from GHAF Capital, Room40 Ventures, and several angel investors.</p>
 <p>The planned launch is when defi is recovering after the drop in 2022. So far, the defi total value locked (TVL) stands at over $56 billion.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ithaca-finance-raises-2-5m-to-build-on-chain-options-protocol-tbt78554.html">https://thebittimes.com/ithaca-finance-raises-2-5m-to-build-on-chain-options-protocol-tbt78554.html</a></p>

Ithaca Finance raises $2.5m to build on-chain options protocol

TheBitTimes

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