Kibo, a decentralized option trading protocol, raises $1.5 million in seed round »CryptoNinjas
Kibo Finance, a start-up company DeFi options trading platform, announced the completion of a $1.5 million seed round of financing. Investors participating in this round include Gonghe, Huobi, Gate.io, Distributed, AU21, Genblock, Kenetic, MGNR, GSR, DFG, Bitcoin.com, David Garcia of Borderless Capital, Sandeep Nailwal (co-founder of Polygon) And Mirza Uddin (co-founder of Injective Protocol).
The Kibo Finance agreement allows the buying and selling of options on more basic assets other than Bitcoin and Ethereum, including but not limited to Doge, Binance Coin, gold and stocks. Kibo Finance is a feature first built on Ethereum and Polygon, which will provide automatic hedge pool and collateral management so that liquidity providers (LP) can maximize returns.
“DeFi and crypto products in options trading platforms are still in their infancy and have major limitations,” said Andrew Durgee, head of encryption and tokenization at Republic. “Kibo Finance is a borderless experience, which means that traders will have greater flexibility in a wider choice of more blockchains and more possible underlying assets. Kibo is the future of serious traders.”
Structured allows LPs to obtain fair returns for providing liquidity, and Kibo traders can ensure that they pay fair prices. Strategies include the ability to trade the underlying asset’s volatility without taking directional positions, hedge against market declines, use leverage, and limit losses during speculation.
Kibo’s founding team is composed of finance, mathematics and blockchain developers with backgrounds in institutions and companies, including Deribit, Artblock, BNP Paribas and the University of Queensland.
Pierre Cumenal, CEO of Kibo Finance, said: “I am grateful to this amazing group of investors who participated in our seed round of financing. They believe in the vision I outlined in 2019.” “As a person As a quantitative trade analyst, a lot of work and details have been done in the technical structure of the agreement, which enabled me to form a team of top talents covering all aspects of DeFi options trading.”