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.
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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.
Source: https://www.coindesk.com/business/2022/02/01/psyoptions-acquires-tap-finance-for-undisclosed-sum/