STS Digital raises $30 million to expand crypto options platform

The Bermuda-based firm offers trading across 400+ cryptocurrencies with spot, vanilla, and exotic options, targeting institutional demand as crypto options open interest reaches $40 billion.

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What to know:

• STS Digital raised $30 million from CMT Digital, Kraken exchange parent Payward and other investors to expand its institutional trading platform.
• The Bermuda-based firm offers trading across 400+ cryptocurrencies with spot, vanilla and exotic options targeting institutional demand.
• STS aims to become a foundational liquidity layer for crypto derivatives, capitalizing on growing institutional adoption of options for hedging and yield generation.

STS Digital, a trading firm specializing in crypto options, said it raised $30 million in a strategic round backed by CMT Digital, crypto exchange Kraken’s parent company Payward, and other investors.

The company plans to use the funds to scale its institutional trading platform and solidify its role as a liquidity provider in digital asset markets, according to a statement shared with CoinDesk.

Based in Bermuda, STS Digital allows institutions to trade more than 400 cryptocurrencies across spot, vanilla and exotic options, and structured products through a single interface that supports web, API and voice.

Options are a growing part of institutional crypto portfolios as firms use them to hedge risk and generate yield during volatile market conditions. Open interest is currently around $40 billion, according to TheTie, with the lion’s share on Deribit.

“This investment enables us to meet the explosive demand from institutional investors for our spot, options and structured product pricing,” said chairman and co-founder Gideon Hyams. “As banks, asset managers and financial intermediaries rush to integrate our pricing engine, this funding ensures we stay ahead of demand.”

In the statement, CMT Digital, the round’s lead investor, said it sees STS as being positioned to become “a foundational liquidity layer for crypto derivatives.”

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