Binary options platform Thales raises $2.5M in seed round

A decentralized finance project providing binary options style trading, Thales has just completed a $2.5 million seed round.

Binary options platform Thales raises $2.5M in seed round

Thales will support markets for more than 60 different assets including cryptocurrencies, commodities, equities, and index products, before expanding into sports markets. However, there is no specific date has been declared.

Binary options are financial instruments that allow traders to speculate on the price movement of the underlying market or cryptocurrency. There are two only possible outcomes which is why they are considered binary.

The funding round was led by Framework Ventures and Apollo Capital. There were several other venture capital contributors including LD Capital, Honey DAO, the LAO, Zee Prime Capital, IOSG Ventures, D64 Ventures, and Koji Capital.

The announcement stated that there will be a two-year token vesting strategy by the protocol’s strategic partners starting at the token generation event.

The funding round was completed using 'DAO-first capital formation', a method proposed by Kain Warwick, the founder of Synthetix. This approach enables the project to establish token holder-based governance using a Decentralized Autonomous Organization (DAO) much sooner than going through legal structures and processes.

Thales is a Synthetix ecosystem project building support for trading binary options and on-chain derivatives on the Ethereum network. 

In late 2020, core contributors at Synthetix began to seek an external team to develop a binary options trading platform that would become Thales. It received seed funding from the SynthetixDAO to kick start the project.

Thales intends to venture into the realm of on-chain sports betting through a partnership with Chainlink which will be providing the oracles and data feeds.

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