Solana-based options trading platform PsyOptions has acquired Tap Finance in a bid to add structured investment products to its lineup.
PsyOptions paid Tap Finance with a mix of tokens and cash, senior contributor Tommy Johnson said. He declined to declare its full value, stating that he would "entertain" the news.
The pact strengthens PsyOptions' sacrifices to transform itself into a full-service crypto options team. Already hosting "US-style options" (which traders can run until they expire), it will now also host Tap's "Decentralized Options Dome," or DOV.
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DOVs set complex options trading strategies for users. Tap currently focuses on bitcoin (BTC), ether (ETH), solana (SOL), and a handful of other coins.
The platform has about a thousand individual connected wallets, according to the developers, while PsyOptions has four thousand.
Tap Finance changes its name to PsyFinance under the terms of the deal, according to a press release.
"From a trading perspective, we need PSY DAO to own the entire stack, otherwise we can literally pull the rug out for everyone just by moving to another primitive," said Johnson, a cooperator at PsyOptions.