PsyOptions Acquires Tap Finance for Undisclosed Sum

Two projects become one as a Solana options shop looks to expand its offerings.

Feb 1, 2022 at 4:00 p.m. UTC
Updated Feb 1, 2022 at 4:21 p.m. UTC

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

Solana-based options trading platform PsyOptions has acquired Tap Finance in a bid to add structured investment products to its lineup.

PsyOptions paid for Tap Finance with a mix of tokens and cash, core contributor Tommy Johnson said. He declined to state its total value, saying it would “distract” from the news.

The deal bolsters PsyOptions’ effort to become a full-service crypto options outfit. Already host to “American style options” (which traders can execute right up to expiration), it will now also house Tap’s “Decentralized Options Vault,” or DOV.

DOVs spin up complex options trading strategies for users to trade. Tap currently focuses on bitcoin (BTC), ether (ETH), solana (SOL) and a handful of other coins.

The platform has around 1,000 individual wallets plugged in, according to developers, whereas PsyOptions has 4,000.

Tap Finance is rebranding to PsyFinance under the terms of the deal, a press release said.

“From a business standpoint we need the PSY DAO to own the full stack, otherwise we can get the rug literally pulled out from under us from everyone just swapping over some other primitive,” Johnson, the PsyOptions contributor, said.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

Trending

1
Aave’s Decentralized Social Media Platform Arrives on Polygon

The launch of Lens Protocol comes weeks after Aave founder Stani Kulechov was temporarily suspended from Twitter.

The launch of Lens Protocol comes weeks after Aave founder Stani Kulechov was temporarily suspended from Twitter.

2
FTX, Liberty City Lead $20M Raise for Dev Platform DoraHacks

The hackathon startup will use the funds to launch an NFT-focused venture fund, among other things.

The hackathon startup will use the funds to launch an NFT-focused venture fund, among other things.

3
INX Taps Galaxy Digital Alum as Chief Financial Officer

Renata Szkoda previously served as finance director at the Mike Novogratz-led crypto financial services firm.

Renata Szkoda previously served as finance director at the Mike Novogratz-led crypto financial services firm.

4
Do Kwon Pushes On-Chain Proposal Live Even as 92% Vote 'No' in Online Poll

The plan to put Terra back on track after last week’s implosion was made live this morning, but online poll results suggest the community is against the move.

The plan to put Terra back on track after last week’s implosion was made live this morning, but online poll results suggest the community is against the move.