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.Synquote, a self-styled decentralized exchange , plans to support the buying and selling of options in over 500 generally illiquid instruments atop layer2 Polygon, Avalanche and BNB Chain.

“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.of Synquote’s documentation shows. Users can make calls or puts across five tokens: ETH, BTC, AVAX, LINK, and MATIC.

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.Read more about

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