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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 convey 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 traders’ assist and are trying ahead to revolutionizing the digital asset choices buying and selling panorama with their steering and partnership.”
Kavvathas beforehand held management roles at Goldman Sachs, Deutsche Financial institution, and crypto lender Amber Group. Ithaca’s technical staff additionally has expertise throughout conventional finance and crypto startups.
Ithaca says it might probably shorten the trail to institutional-scale choices buying and selling volumes throughout blockchains by fragmenting choices contracts into elementary constructing blocks. Its permissionless infrastructure aggregates liquidity and allows danger switch throughout belongings 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 traders.
The deliberate launch is when defi is recovering after the drop in 2022. To date, the defi whole worth locked (TVL) stands at over $56 billion.
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