A decentralized finance project providing binary options style trading has just completed a $2.5 million seed round.
Binary options are financial instruments that allow traders to speculate on the price movement of the underlying market or cryptocurrency. There are two possible outcomes which is why they are considered binary.
At launch, Thales will support markets for more than 60 different assets including cryptocurrencies, commodities, equities, and index products, before expanding into sports markets. At the time of writing, there was no mention of the specific launch date.
The strategic investment round for the Thales platform 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 added 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