Cega is excited to announce that it has finished a $5 million investment round, which was led by Dragonfly Capital and includes contributions from Robot Ventures and Pantera Capital. The startup has currently secured $9.3 million in total seed funding.
Cega Raises Over 9.3 million Dollars
For DeFi users, Cega developed a decentralized application that combines the properties of basic options (such as call/put) with those of sophisticated alternatives. A basket of puts with knock-in obstacles, the fixed coupon note is its first exotic options structured item.
Retail investors benefit from this exotic structured product‘s higher yield, built-in downside protection, and compounded gains. Market makers also earn from it because it gives their portfolio a cheaper hedge and permits proprietary gains from hedging trades.
“The team is excited to create never before seen products in DeFi that are high performing and offer users strong risk-adjusted yield. We are also excited to offer the best execution in the market through a competitive in-house liquidity maker and tap into the multi-trillion dollar exotic derivatives market.”
Arisa Toyosaki, co-founder and CEO of Cega
About Cega
Since its debut in June 2022, Cega has dominated the market for DeFi crypto-structured products. Moreover, it was the first protocol to develop exotic options structured products on-chain. The protocol that launched the market for exotic options with cryptocurrency as an underlying has seen its volumes and TVL rank first in Solana and fourth across all chains.
The startup has received praise for its effective risk management and operations during the FTX crisis in November. It has also made a name for itself as a market leader in counterparty management. This most recent round of fundraising was done to hasten the growth of Cega‘s product line, build novel DeFi primitives, and establish a trading staff for experts in exotic derivatives.
“Cega has created an entirely new DeFi primitive through their innovation in exotic option smart contracts that was a 0-to-1 product with strong organic traction. The protocol has weathered the numerous blow-ups from last year without losing any funds, a testament to the team’s experience and diligence. In this same time, they’ve grown to be the #1 options protocol on Solana and one of the top derivatives protocols in the DeFi space overall. We at Dragonfly are thrilled to continue backing their vision of being the #1 DeFi derivatives protocol, and for them to bring never-before-seen products into this space.”
Tom Schmidt, General Partner at Dragonfly Capital Partners.
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