Kibo Finance, the first borderless DeFi options trading platform, today announced the closing of a $1.5 million seed round. Participating investors in the round include Republic, Huobi, Gate.io, Fenbushi, 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). Kibo’s protocol allows buying and selling of options on more underlying assets outside of Bitcoin and Ethereum, including, but not limited to, Doge, Binance Coin, Gold, and Stocks. While being the first to build on Ethereum and Polygon, Kibo Finance also offers auto-hedging of pools and collateral management so Liquidity Providers (LPs) will maximize rewards.
“The DeFi and crypto offerings in options trading platforms are still in its infancy and have significant limitations,” said Andrew Durgee, Head of Crypto and Tokenization at Republic. “Kibo Finance is a borderless experience, which means traders will have greater flexibility on a broader range of options across more blockchains and more possible underlying assets. Kibo is the future for serious traders.”
Kibo Finance protocol is structured so LPs get a fair reward for providing liquidity, while traders are ensured of paying a fair price. Advanced strategies include the ability to bet on the volatility of an underlying asset without taking directional position, hedge a portfolio against a drop in the market, use leverage effect, and cap losses while speculating. The founding team is made-up of finance, math, and blockchain developers, with backgrounds working at top institutions and companies, including Deribit, Artblock, BNP Paribas, and the University of Queensland. Kibo Finance originated from an essay written for the “30 under 30” program at QuantMinds International, the world’s largest conference for quantitative finance.
“I am grateful for this amazing group of investors participating in our seed round who believe in the same vision I outlined back in 2019,” said Pierre Cumenal, CEO of Kibo Finance. “As a quantitative analyst by trade, great work and detail has gone into the technical structure of the protocol and has allowed me to assemble a team of top minds that cover all aspects of DeFi options trading.”
About Kibo Finance
Kibo Finance is the first borderless DeFi options trading platform, with the ability to offer virtually any underlying asset, including Cryptocurrency, Gold, and Stocks. The first to build on Polygon and Ethereum, Kibo offers a frictionless protocol, fair pricing, and the most rewards of any options trading platform. Focusing on ease-of-use, Kibo is geared towards advanced options traders who want one platform for all their trading needs.