Composable Option Protocol Announces Pre-Seed Round Led by Cumberland and Wintermute Ventures

Hong Kong, January thirty first, 2024, Chainwire

Ithaca Finance (“Ithaca”), a composable possibility protocol, introduced in the present day a $2.5 million pre-seed funding spherical co-led by Cumberland and Wintermute Ventures. Further members within the spherical embrace Room40 Ventures, Ghaf Capital Companions, in addition to angel buyers Andrew Keys, Co-Founding father of DARMA Capital; Stan Miroshnik, Managing Associate of TenSquared Capital; and Georgios Vlachos, Co-Founding father of Axelar. The protocol, reside on Arbitrum testnet, can be saying an invite-only mainnet launch previous to a full launch later this quarter.

Ithaca is constructing a non-custodial danger primitive that may enable billions in choices quantity emigrate on-chain whereas enabling an environment friendly outlet for trillions in latent choices and structured payoff demand. On-chain possibility volumes are considerably underperforming spot and perps’ ones; crypto possibility penetration considerably undershooting that of all different asset courses. 

The Ithaca Protocol is underpinned by an identical engine that decomposes possibility payoffs into elementary constructing blocks, permits for atomic matching and conditional order logic, and makes use of replication, portfolio dominance, and collateral optimization rules. It’s designed to short-circuit liquidity bootstrapping, which can shorten the time to institutional-level scale in on-chain choices markets, which is hampered by fragmentation throughout blockchains and low liquidity amidst an absence of risk-sharing mechanics’ innovation.

Ithaca’s mission revolves round addressing these challenges by designing permissionless purpose-built infrastructure to mixture cross-chain liquidity and allow optimum danger sharing throughout time and occasion horizons. Powered by an auction-based, and subsequently MEV-resistant, algorithmic market clearing framework, Ithaca will enable for fast deployment of composable choices and structured product markets for any asset. 

Customers are invited to check Ithaca and make themselves eligible for the Ithaca Points Program.

The crew behind Ithaca led by Dimitrios Kavvathas (beforehand Chief Technique Officer at Amber Group, CIO at Concord Advisors, and Associate at Goldman Sachs), combines greater than 120 years of expertise in finance and crypto throughout corporations similar to Goldman Sachs, BAML, Deutsche Financial institution, BNP, BlueCrest in addition to the Portuguese Debt Administration Workplace and varied crypto startups. 

Dimitrios Kavvathas commented, “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.”

Wintermute Ventures said, “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.”

Cumberland added, “We’re excited to invest in Dimitrios and the rest of the Ithaca team, domain experts with the right background to bring composable structured option products on-chain.”

About Ithaca Finance

Ithaca is a Non-Custodial, Composable Option Protocol. Ithaca’s mission is to construct permissionless cross-chain infrastructure enabling optimum danger sharing throughout time and occasion horizons. The protocol permits for fast deployment of ‘liquidity self-enhancing’ full, composable possibility, structured product, and lending markets on any underlying. The Ithaca Ecosystem will embody an Option Buying and selling Protocol, an Algorithmic Market Maker, a Collateral Optimization Engine, cross-chain interoperability powered by Axelar, and quickly, a market-clearing constant margin lending & liquidation mechanism, and Decentralized Protocol Governance.

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Ithaca Protocol
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