Bitcoin-Linked Stablecoin Firm OpenDelta Raises $2.5M
Bitcoin-focused stablecoin firm OpenDelta has raised $2.15 million in a pre-seed funding round led by 6th Man Ventures. The company aims to use bitcoin to create stable value in a fiat-denominated currency. OpenDelta's main token, USDO, will maintain its dollar value by hedging bitcoin deposited by users as collateral. The token is set to go live in May and will initially be available to waitlisters in a closed beta. The product will generate yield for its holders from the funding rates in derivatives markets that it trades in to maintain its dollar value. Users will deposit bitcoin as collateral into a wallet controlled by institutional-grade custodians to mint USDO. OpenDelta is one of the first companies developing the new face of decentralized finance (DeFi) for Bitcoin in the Runes era.
