Binary options platform Thales completes $2.5 million DAO-first funding round

Welcome to the fam!

Thales, a Synthetix ecosystem project building support for trading binary options, raised $2.5 million in a strategic investment round led by Framework Ventures and Apollo Capital.

LD Capital, Honey DAO, the LAO, Zonff Partners, Zee Prime Capital, IOSG Ventures, D64 Ventures, Koji Capital, Daedalus Angel Syndicate, and CatcherVC contributed to the round while also offering us invaluable logistical support.

We’re also pretty excited to have onboard an amazing mix of entrepreneurs, builders, and strategists ingrained in the DeFi space who also participated in this round.

Angels contributing include Nocturnalsheet a.k.a. “the SNX professor’’, Tyler Ward (BarnBridge), Ryon Nixon (Horizons Law), Philippe Perzi (MD, Goldman Sachs), Marc Woodward (Apollo Capital), Joe Buttram (Zeal Capital), Xavier Ekkel (prePO), Spreek (Synthetix Council), Nick Tong (Perpetual Protocol), tooney, and James Simpson (mStable).

With a diverse and deep set of expertise in financial markets including competitive positioning, technological innovation, and scaling financial primitives on Ethereum, the Thales team is confident the support from strategic partners paves a path forward that ensures the most robust development of the Thales protocol.

Terms

The terms of token vesting for our strategic partners are 24 months of linear unlocking starting from the TGE (token generation event) date.

This means that the token distribution will be ongoing and without sharp cliffs. As tokens become unlocked those will be claimable at will. The tokens for this round are drawn from the Thales Growth Fund.

Shared vision

This round was completed in a DAO-first way, inspired by Kain’s recent post, DAO first capital formation.

The motivation for this approach is that instead of going through the formalities in the form of certain legal structures, the DAO-first approach puts the project in a position to establish tokenholder-based governance much sooner.

The way we think about decentralized governance is that it can aggregate some exceptionally talented people and facilitate coordination among those people to achieve certain objectives in novel ways.

When considering the range of applications for binary options as a fundamental primitive, the Thales team is thrilled to explore support for the retail audience hungry for speculative instruments, advanced market makers, insurance underwriters keen on hedging off certain types of risk, supporting options arbitrage opportunities between different decentralized platforms, and insuring against the price instability associated with certain stable coins.

As you can tell, the possibilities are endless.

Thanks to all of you for being here along the ride.

If you are not on our Discord server yet, jump in!

Now… LFG! 🚀

For press inquiries, please contact press@thales.market

Binary options re-imagined. Exploring on-chain derivatives in the Ethereum network.