Crypto derivatives platform Opium Protocol has raised nearly $3.25 million in a funding round.
The fresh cash injection includes participation from Galaxy Digital, Alameda Research, Hashkey Group and CMS Holdings — to name a few. The new funding will help the Amsterdam-based startup introduce further derivatives to the decentralized finance market, which has grown at a fast clip over the course of 2020.
As The Block previously reported, Opium's platform is known for several credit default swap-like products for the DeFi world, including ones tied to wBTC and lending protocol Aave. Similarly to Wall Street's CDSs, Opium's products aim to offer traders a source of insurance for positions in other DeFi products.
"As a decentralized derivative exchange for professional traders, Opium can offer any type of derivatives that you can see in the traditional finance world," said Xiao Feng, chairman at Hashkey. "We believe derivatives are indispensable for the open finance system, and Opium can make the open finance system more comprehensive and more massively adopted."