Ukrainian startup OpenDelta, which is developing a synthetic dollar, has secured its first investments totaling $2.15 million. The funding round was led by the American crypto fund 6th Man Ventures.
In addition to 6th Man Ventures, several angel crypto investors have participated in the current round, including Winslow Strong, Justin Mares, Murad Mahmudov, and others, as reported by Forbes.
Founded in January 2024 by Mykyta Shteringard, who also serves as CEO of the Web3-focused venture studio Boosty Venture Studio, which has also contributed to the startup's funding, OpenDelta comprises a team of nine people, with some based in Ukraine. Shterlingard has not disclosed the valuation of the current round.
OpenDelta's product, USDO, is a synthetic dollar, a digital financial instrument designed to hedge cryptocurrency volatility. USDO is collateralized by Bitcoin and pegged to the US dollar. Its foundation lies in the concept of delta-neutrality, allowing users to "freeze" the price of Bitcoin and not be subject to its volatility. This enables profitability from USDO and diversification of traditional investment assets such as government bonds.
Potential USDO users include asset managers seeking profitable instruments, cryptocurrency miners holding a portion of their assets in fiat currencies and looking to earn on them.
The synthetic dollar from OpenDelta will operate on the Runes protocol, with a launch scheduled for May 2024.
