OpenDelta Raises $2.15M to Unleash Bitcoin-Powered DeFi Revolution

OpenDelta, a Bitcoin-centric stablecoin company, has raised $2.15 million in its initial funding round led by 6th Man Ventures. The project aims to create a stable value through a fiat-based currency, harnessing the potential of Bitcoin Runes and decentralized finance (DeFi). The flagship token, USDO, will maintain its value by utilizing collateralized BTC deposits, offering yield opportunities for holders. The company plans to launch a closed beta in May, targeting users who prefer the familiarity of Bitcoin instead of Ethereum's DeFi norms.

OpenDelta Secures $2.15 Million Pre-Seed Funding to Revolutionize Bitcoin-Based DeFi

In a groundbreaking move, Bitcoin-focused stablecoin company OpenDelta has secured $2.15 million in its first round of funding. Led by venture capital firm 6th Man Ventures, this pre-seed investment will fuel OpenDelta's mission to create a stable value ecosystem for Bitcoin enthusiasts.

"Our goal is to provide a stable value solution through a fiat-based currency that harnesses the power of Bitcoin," said Konstantin Wünscher, CEO of OpenDelta, in an interview with Business Insider.

Harnessing the Power of Runes and DeFi

OpenDelta's unique approach capitalizes on two emerging trends in the Bitcoin ecosystem: Runes and decentralized finance (DeFi). Runes, a software solution developed by Casey Rodarmor, allows users to etch fungible tokens onto satoshis, the smallest unit of Bitcoin. This innovation opens up new possibilities for decentralized applications and financial instruments.

Meanwhile, DeFi has emerged as a rapidly growing sector within the cryptocurrency industry. It enables users to access a wide range of financial services without the need for intermediaries. By integrating with Runes, OpenDelta aims to establish itself as a pioneer in the burgeoning field of Bitcoin-based DeFi.

Introducing USDO: A Decentralized Stablecoin

At the heart of OpenDelta's ecosystem is USDO, its flagship stablecoin. USDO maintains its value through hedging (BTC) deposits that users deposit as collateral. This decentralized mechanism ensures that USDO remains pegged to the US dollar.

"Holders of USDO will be able to earn a yield on their investment," said Wünscher. "It will generate this upside from the funding rates in the derivatives markets that it trades in to maintain its dollar value."

A New Face for DeFi

OpenDelta represents a paradigm shift in DeFi. Unlike Ethereum-based DeFi platforms, which often cater to a niche audience, OpenDelta is specifically designed for Bitcoin enthusiasts.

"People who are deeply invested in Bitcoin may not necessarily be familiar with the norms and complexities of Ethereum DeFi," said Wünscher. "By building on Bitcoin, we can create new experiences that resonate with this audience."

Key Features of USDO

• Fully collateralized with Bitcoin to ensure stability
• Decentralized ecosystem to eliminate the need for intermediaries
• Yield-earning mechanism to incentivize holders

Beta Release and Future Plans

OpenDelta plans to launch a closed beta in early May, with the USDO token scheduled to go live shortly thereafter. In the future, the company aims to expand Runes to other Bitcoin layers, further extending its reach in the Bitcoin DeFi space.

This pre-seed funding round marks a significant milestone in OpenDelta's journey to revolutionize Bitcoin-based DeFi. With its innovative approach and experienced team, OpenDelta is poised to empower Bitcoin enthusiasts with new financial possibilities and create a more accessible and inclusive DeFi ecosystem.