Thalex raises €7.5m to expand stablecoin-settled crypto options and futures trading

Rick Steves

Bitfinex and Bitstamp, two of Thalex’s strategic investors, will enable their customers to access the full suite of Thalex derivatives from their own user interface.

Thalex has closed its Series A funding round of EUR 7.5 million with a number of strategic investors including Bitfinex, Bitstamp, Flow Traders, IMC, QCP, and Wintermute.

The funding will support the company’s goal of facilitating on-exchange trading of crypto derivatives, namely stablecoin-settled crypto options and futures.

Bitfinex and Bitstamp to provide access to Thalex

Bitfinex and Bitstamp, two of Thalex’s strategic investors, will enable their customers to access the full suite of Thalex derivatives from their own user interface.

Positions on Thalex can be opened with collateral held with the partner exchange after an instant and free transfer to a dedicated Thalex margin account. The Bitfinex partnership is expected to be operational later this year.

The Thalex trading platform partnered with LPs and major exchanges to provide an offering that features:

• Linear BTC and ETH contracts with multi-collateral support (BTC, ETH, USDt and USDC).
• Trading fees are anchored on 1 bps maker and taker, and fee advantages for multi-leg options and futures strategies (RFQ).
• Future rolls with dedicated order books.
• RFQs for multi-leg options and futures strategies, in any size.
• A market maker scheme with competitive fee levels, market maker protection and excellent connectivity to foster healthy competition among liquidity providers on a level playing field.
• Portfolio-based margining offering capital efficiency for delta and vega offsetting positions, but adequate requirements for wing risks.
• An efficient liquidation process involving automated delta-hedging to limit market impact and liquidation auctions to enable an orderly reduction of complex risks.

“Huge potential for stablecoin-settled futures and options”

Paolo Ardoino, CTO of Bitfinex, commented: “We are delighted to participate in this funding round with Thalex and see huge potential for the stablecoin-settled futures and options market.”

Jean-Baptiste Graftieaux, CEO of Bitstamp, said: “Thalex’s unique value proposition will enable Bitstamp to streamline our go-to-market for derivatives and participate in the fast-growing crypto derivatives market. This investment marks the beginning of a close strategic partnership and plays an important role in Bitstamp’s corporate strategy.”

Michael Lie, Head of Digital Assets Trading EMEA of Flow Traders, added: “Flow Traders is excited to support Thalex via our dedicated corporate venture capital unit, Flow Traders Capital. Thalex’s ambition of creating a scalable infrastructure that enables on-exchange trading in crypto derivatives is another step forward in making trading digital assets more accessible and efficient. We are looking forward to working with Thalex and building a long-term strategic partnership.”

Darius Sit, Founder of QCP Capital, stated: “Crypto options are one of the fastest-growing segments of the space and have proven to be robust through multiple market cycles. We believe the next phase of growth will be exponential. The Thalex team have built a platform combining best practices from both crypto and traditional finance. We look forward to supporting Thalex in its efforts to expand the fast-growing crypto options ecosystem.”

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