Bitcoin-Linked Stablecoin Firm OpenDelta Raises $2.5M

The startup is one of the first to build tokenized tech for Bitcoin's Runes era.

AccessTimeIconApr 26, 2024 at 12:00 p.m. UTC
Updated Apr 26, 2024 at 6:00 p.m. UTC

Bitcoin-centric stablecoin company OpenDelta raised $2.15 million in a pre-seed round led by 6th Man Ventures, CEO Konstantin Wünscher told CoinDesk.

“We want to use bitcoin to create stable value in a fiat-denominated currency," Wünscher said in an interview.

OpenDelta will plant itself in the newest greenfield for decentralized finance (DeFi) atop the newest trend in Bitcoin, Runes.

During the Bitcoin halving on April 19, developer Casey Rodarmor created Runes, a way for people to etch fungible tokens onto satoshis, the smallest unit of bitcoin (BTC). The DeFi-enabling novelty has since exploded into a behemoth for Bitcoin transactions, per a Dune dashboard from Crypto Koryo.

OpenDelta’s flagship token, USDO, will retain its dollar value by hedging bitcoin (BTC) deposited by users as collateral. The token won’t go live till May, and even then, it will only be open to waitlisters in a closed beta. But the company behind it plans to bring Runes to other Bitcoin layers as well.

The product will be yield-bearing for its holders, Wünscher said. It will generate this upside from the funding rates in derivatives markets that it trades in to retain its dollar value. To mint USDO, users will deposit bitcoin as collateral into a wallet that will be controlled by "institutional-grade custodians,” according to a press release.

OpenDelta is among the first companies building the new face of DeFi for Bitcoin in the Runes era. As Wünscher sees it, the kind of people who are deeply into Bitcoin (he counts himself as one) aren’t necessarily attuned to the norms and nonsense of Ethereum DeFi, he said.

“We can create new experiences on Bitcoin because people have not been pre-exposed to any other things than Bitcoin,” he said.

Edited by Parikshit Mishra.


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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.