Decentralized-finance platform Thetanuts Finance has closed a $17 million funding round led by Polychain Capital, Hyperchain Capital and Magnus Capital.

The funding will help the company create new partnerships with layer 1 and layer 2 networks, liquidity providers, blockchain foundations, market makers and exchanges.

The funding round comes as the industry continues to slowly climb out of the crypto winter deep freeze that nearly stalled the investment landscape. Providers of blockchain infrastructure have proven to be the most resilient firms during the downturn, and DeFi projects have taken favor over centralized products after the collapse of centralized exchange FTX last fall.

Thetanuts Finance offers crypto structured products that cater to option traders, decentralized autonomous organizations, market makers and other liquidity providers. Users can earn yield on major cryptocurrencies and popular altcoins, provide liquidity, and execute short and long options strategies.

Thetanuts Finance will soon launch a buy-side altciin options market powered by decentralized options vaults, which the firm says will make options strategies – particularly those involving altcoins – available to more investors.

“At Thetanuts Finance, we are dedicated to leading the way in building a thriving altcoin options market for both budding and established ecosystems across different chains, including non-EVMs. Our commitment to innovation and decentralization has never been stronger, and we look forward to driving the DOV model to new heights,” Thetanuts Finance adviser Sherwin Lee in a press release, referring to Ethereum Virtual Machines.

Thetanuts Finance raised $18 million in March 2022 in a round that was led by crypto hedge fund Three Arrows Capital, crypto options exchange Deribit, QCP Capital and Jump Crypto. Three Arrows collapsed about three months, largely because of its exposure to Terra, a crypto network that fell apart in May 2022.

Read more: What Is DeFi?