CEO Konstantin Wünscher of Bitcoin-focused stablecoin startup OpenDelta informed CoinDesk that the business raised $2.15 million in a pre-seed round headed by 6th Man Ventures.
“We want to use bitcoin to create stable value in a fiat-denominated currency,” Wünscher said in an interview.
Atop the newest Bitcoin fad, Runes, OpenDelta will establish itself in the newest uncharted territory for decentralized finance (DeFi).
Runes, a tool developed by developer Casey Rodarmor, allows users to engrave fungible tokens onto satoshis, the smallest unit of bitcoin (BTC), during the April 19 Bitcoin halving.According to a Crypto Koryo Dune dashboard, the DeFi-enabling innovation has since blossomed into a massive Bitcoin transaction volume.
Because it is hedging user-deposited bitcoin (BTC) as collateral, OpenDelta’s flagship token, USDO, will maintain its dollar value.The token will only be available to waitlisters in a closed beta when it launches in May.However, the business that created it also intends to add Runes to additional layers of Bitcoin.Wünscher stated that the commodity will bear yield for its holders.The funding rates in the futures markets it trades in to maintain its dollar worth will provide it with this benefit.According to a press release, in order to mint USDO, users will need to deposit bitcoin as collateral into a wallet under the supervision of “institutional-grade custodians.”
One of the first businesses creating the new DeFi face for Bitcoin in the Runes age is OpenDelta.Wünscher believes that those who are passionate about Bitcoin—of which he is one—aren’t always sensitive to the conventions and silliness of Ethereum DeFi.
“We can create new experiences on Bitcoin because people have not been pre-exposed to any other things than Bitcoin,” he said.