Crypto Options Trading Startup Synquote Raises $2.8M From Initialized, Polygon
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.
Initialized Capital led the round.
Synquote, a self-styled decentralized
“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.
The platform will seek to bring European-style options trading to newcomer audiences, a review of Synquote’s documentation shows. Users can make calls or puts across five tokens:
Attia said the bear market is “a great time” for traders to start playing around with options, which he said can help them hedge downside risks.