DeFi exotic derivatives protocol Cega raises $5M

Cega Financea protocol DeFi specialized in exotic derivativeshas just collected 5 million dollars as part of its priming cycle.

The decentralized finance application Cega has announced that it has completed a 5 million round of financing led once again by crypto venture capital firm Dragonfly and with participation from two other existing investors: Pantera Capital and Robot Ventures.

The deal unveiled Monday brings the total funds raised by the startup to $9.3 million. Dragonfly previously led an initial round of funding for the protocol in 2022. Coinbase Ventures and FTX Group’s defunct hedge fund Alameda Research participated at the time.

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Cega provides access to by-products said exotic These are financial instruments with complex characteristics. The protocol currently has an LTV of approximately $5 million, according to data provided by defillama.

According to a release, the capital raised will allow Cega to accelerate its development and improve its product offering.

The team is excited to create products never before seen in DeFi that are high performing and offer users a strong risk-adjusted return,” commented Arisa Toyosaki, co-founder of Cega.

For Tom Schmidt, partner at Dragonfly, the protocol has weathered the turbulence in the crypto market well in 2022. At the same time, they became the first options protocol on Solana and one of the best derivatives protocols in the DeFi space he added.

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