Crypto options trading startup Synquote closed a $2.8 million seed funding round to build out a platform for trading derivatives contracts in tokens that don’t usually have such markets.
Synquote, a self-styled decentralized exchange (DEX), plans to support the buying and selling of options in over 500 generally illiquid instruments atop layer2 Polygon, Avalanche and BNB Chain. It unlocks the liquidity by letting traders source options quotes directly from market makers – a first in decentralized finance, according to Imran Khan, whose startup accelerator AllianceDAO incubated Synquote and is also investing in the round.
“There’s a structural reason why options are hard,” Synquote founder Ahmed Attia told CoinDesk in an interview. “You need sophisticated people on one side of the trade.”
Attia, a DEX developer veteran, started building Synquote’s market maker matching model in 2021. He’s planning to use the funding to hire more staff with a focus on nabbing former options traders.
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