Amberdata, a provider of digital asset data to financial institutions, has acquired Genesis Volatility (GVol), a crypto options and derivatives analytics firm.
The purchase will allow Amberdata to expand its decentralized finance (DeFi) products, offering support for protocols such as Friktion, Ribbon, and Lyra, according to an announcement shared with CoinDesk. The company’s institutional clients include Citigroup (C), Fidelity and Nasdaq (NDAQ).
Financial terms of the deal were not disclosed.
GVol already provides exchanges such as Deribit and LedgerX with analytical data from the centralized finance (CeFi) markets and DeFi options.
“A lot of large proprietary trading firms are very interested in options,” Shawn Douglass, CEO of Amberdata, told CoinDesk. “I think this will be the next evolution of DeFi.”
“Nasdaq and Citi are big options players and they see this as a massive growth area for DeFi, as well as the institutionalization of crypto,” he added.
Nasdaq Ventures and Citi were among the investors in Amberdata’s $30M Series B Funding Round in May, which also included cryptocurrency exchange Coinbase (COIN) and crypto lender Nexo.