Synquote, a leading decentralized options trading platform, has announced the launch of its crypto options margin trading platform after surpassing $25 million in notional volume during its beta period. This platform aims to provide traders with a similar experience to centralized exchanges while offering increased transparency, reduced counterparty risk, and direct control over funds.
The DeFi options market has struggled to scale and meet the needs of traders, resulting in insufficient liquidity and high fees. Synquote’s platform solves these issues by introducing CeFi level pricing and liquidity to DeFi traders for the first time. The platform also offers several unique advantages, such as the absence of transaction fees, the inclusion of fiat deposits, and a streamlined onboarding process for both web3 veterans and newcomers.
Investors have expressed enthusiasm for Synquote’s approach. Simon Grove, Head of Trading at CMT Digital, stated that Synquote provides a “Robinhood-like experience” for DeFi, striking the right balance between the needs of users and market makers. Brett Gibson, Managing Partner at Initialized Capital, emphasized that traders should not have to compromise on pricing or user experience to trade on a decentralized options exchange. Synquote’s focus on delivering institutional-grade liquidity to everyday users is seen as a game changer for the industry.
Synquote was founded in 2021 by Ahmed Attia, a former engineer at Google, and is made up of a team of engineers and traders with extensive experience in decentralized finance and options trading. The company offers on-chain trading options with capital efficiency on Arbitrum, aiming to bring capital efficiency to options traders.