OpenDelta, A Bitcoin-Linked Stablecoin, Raises $2.5 Million

(CTN News) – In a pre-seed round led by 6th Man Ventures, Bitcoin-focused stablecoin company OpenDelta raised $2.15 million in its first round of funding, CEO Konstantin Wünscher told CoinDesk.

In an interview with Business Insider, Wünscher told the publication that the goal of the bitcoin project is to create a stable value through a fiat-based currency.

Taking advantage of the newest trend in Bitcoin, Runes, and the newest greenfield for decentralized finance (DeFi), OpenDelta will establish itself on the newest greenfield for DeFi.

As part of the Bitcoin halving event which took place on April 19, developer Casey Rodarmor created Runes, a software solution that allows users to etch fungible tokens onto satoshis,

Which is the smallest unit of Bitcoin (BTC).

Crypto Koryo, a cryptocurrency analytics firms specializing in transactions, has revealed that Dune has grown into a behemoth for Bitcoin transactions since it enabled DeFi.

The flagship OpenDelta token, USDO, will maintain its value by hedging (BTC) deposits that users deposit as collateral as part of its decentralized ecosystem.

A closed beta will open only to waitlisters in the first week of May, where the token is not scheduled to go live until May. It should be noted that the company behind Runes plans to make it available for other Bitcoin layers as well in the future.

As a result, holders of the product will be able to earn a yield on their investment, Wünscher said. In order for it to retain its dollar value, it will generate this upside from the funding rates in the derivatives markets that it trades in to generate its dollar value.

USDO will be created by users depositing bitcoin into a wallet that will be controlled by a group of institutional-grade custodians as collateral as part of the minting process, according to a press release.

A company like OpenDelta is one of the first in the DeFi era to create a new face for DeFi that is built around Runes.

Wünscher believes that the kind of people who are deeply in love with Bitcoin (he counts himself among them) may not necessarily be attuned to the strange norms and nonsense of Ethereum DeFi, as he sees it.

The reason behind this is that people are not pre-exposed to anything other than Bitcoin and we can create new experiences on it.

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