A decentralized finance project that offers binary options trading has just completed a $ 2.5 million seed round.

Binary options are financial instruments that allow traders to speculate on the price movement of the underlying market or the cryptocurrency. There are two possible outcomes, so they are considered binary.

Upon launch, Thales will support markets for over 60 different assets, including cryptocurrencies, commodities, stocks and index products, before expanding into the sports market. A specific start date was not given at the time of writing.

Strategic investment round for the Thales platform led by Framework Ventures and Apollo Capital. There are several other venture capitalists, including LD Capital, Honey DAO, LAO, Zee Prime Capital, IOSG Ventures, D64 Ventures, and Koji Capital.

The announcement adds that the protocol’s strategic partners will have a two-year token dispute settlement strategy that begins with token generation.

The round of funding closed with “DAO’s first capital formation,” a method proposed earlier this month by Synthetix founder Kain Warwick. This approach enables the project to establish governance based on token holders with the help of a decentralized autonomous organization, much earlier than the introduction of regulatory structures and processes.

Thales is a project that supports the establishment of the Synthetix ecosystem for on-chain trading in binary options and derivatives in the Ethereum network. In late 2020, key Synthetix contributors began looking for an outside team to develop a binary options trading platform that would become Thales. It received seed funding from SynthetixDAO to get the project started.

Thales’ token distribution model will focus on active members of the Synthetix community with 35% of the 100 million tokens that can be claimed by SNX miners with mint debt. Another 45% will go to various incentive and productivity farms and 20% or 20 million Thales tokens will be allocated to the current and future pool.

According to Synthetix core employee Jordan Momtazi, the Thales airdrop will likely take place in August and September.

Connected: Blockchain startup offering peer-to-peer contracts for market transactions

Thales intends to enter the on-chain sports betting space through a partnership with Chainlink, who will provide the feed and data.

In 2019, Cointelegraph reported that US regulators became increasingly concerned about the emergence of binary options fraud for this high-risk derivatives trading method that is emerging in the sector, electronic money.