Bitcoin-Linked Stablecoin Firm OpenDelta Increases $2.5 Million
The startup is one of the first to build tokenized technology for Bitcoin's Runes era.
Bitcoin-based stablecoin company OpenDelta has raised $2.15 million in a pre-seed round led by Man Ventures 6, CEO Konstantin Wünscher told CoinDesk.
“We want to use bitcoin to create stable value in a fiat currency,” Wünscher said in an interview.
OpenDelta will place it in the newest greenfield for decentralized finance (DeFi) on top of Runes, the newest trend in Bitcoin.
During the Bitcoin halving on April 19, developer Casey Rodarmor created Runes, a way for people to mine scissor tokens into satoshis, the smallest unit of bitcoin (BTC). According to a Dunedashboard from Crypto Koryo, the DeFi-enabled innovation has since become a behemoth for Bitcoin transactions.
OpenDelta's flagship token, USDO, will preserve its dollar value by hedging bitcoin (BTC) deposited by users as collateral. The token won't be released until May, and even then, it will only be available to waitlists in a closed beta. However, the company behind it plans to bring Runes to other Bitcoin layers as well.
Wünscher said the product will be efficient for owners. This will create an upward trend in funding rates in derivative markets where the dollar sells transactions to maintain its value. To mint USDO, users will deposit bitcoin as collateral into a wallet that will be controlled by “institutional-level custodians,” according to a press release.
OpenDelta is among the first companies to build the new face of DeFi for Bitcoin in the Runes era. The way Wünscher sees it, people who are deeply into Bitcoin (he counts himself as one) are not necessarily aligned with the norms and nonsense of Ethereum DeFi.
