Opyn
Coinbase hired its leaders, and the product they were building never shipped
An Ethereum derivatives protocol that began with tokenized options (oTokens) and later built Squeeth, a perpetual tracking the square of the ether price.
- Capital raised (announced)
- Estimated
Recorded announced backing; this is separate from cash received, customer deposits and money recovered.
Funding
| Round | Date | Announced | Investors |
|---|---|---|---|
| Seed | 2020 | ||
| Series A | 2021 |
Announced is what was said at the time. Cash actually received is rarely disclosed and is not assumed to match.
People
| Name | Role | Period | Now | Last checked |
|---|---|---|---|---|
| Zubin Koticha | — | Founder and CEO, Raindrop, a monitoring tool for AI agents | Oct 2026 | |
| Alexis Gauba | — | Founder, Raindrop, a monitoring tool for AI agents | Oct 2026 | |
| Andrew Leone | Unknown – Jul 2025 | UnknownNext: Coinbase (joined in July 2025, as reported) | — | |
| Joe Clark | Unknown – Jul 2025 | UnknownNext: Coinbase (joined in July 2025, as reported) | — |
Promises vs reality
Target · target Dec 2024
In July 2025 the company said it would not launch Opyn Markets.
A missed promise is a missed promise. It is not evidence of fraud, and this page does not treat it as any.
Timeline
22 June 2020
The company reported $36 million in trading volume since launch; this was throughput, not revenue.
3 February 2021
The company described plans to develop and secure Gamma and hire researchers and engineers.
January 2022
The Defiant reported investors already using Crab in January. It was built around Squeeth, whose exposure tracked the square of Ether’s price. This report does not establish the first release day.
7 September 2023
The Commodity Futures Trading Commission issued an order simultaneously filing and settling charges against Opyn, Inc. over its oSQTH token, including failing to register as a swap execution facility and a futures commission merchant. The order required a $250,000 civil penalty and a cease-and-desist; the CFTC said the penalty was reduced for cooperation.
4 November 2024
All open positions were closed with no fees.
After an adventurous 1,030 days, Squeeth sunsetted today, Nov 4, 2024 at 16:00 UTC.
4 November 2024
Opyn is moving forward with Opyn Markets, a new power perp product suite aiming to launch in testnet Q4 2024.
11 July 2025
While we will not be launching Opyn Markets, we're excited to contribute to Coinbase's broader mission of bringing more of the financial system onchain and making it easier for builders and users to participate.
11 July 2025
We will be discontinuing support for our front ends over the coming months. Squeeth and Crab were shut down in November 2024 and we recommend users check for any available funds to redeem.
How it ended
Acquired
Opyn closed its Squeeth product while saying it would move on to a new suite, Opyn Markets. That suite never launched: the company said it would not launch it and would stop supporting its front ends, leaving funds reachable through direct contract calls.
Still alive
Open spot
Opyn is gone. Is your derivatives exchange still running?
Spotlight your project here.
Sources
12 sources behind this page.
- 1DeFi Hedging Startup Opyn Raises $2.16M Seed Round Led by Dragonfly Capital · CoinDesk · Jun 2020
- 2DeFi Options Protocol Opyn Raises $6.7 Million · Crypto Briefing · Feb 2021
- 3Decentralised Options Protocol Opyn raises $6.7 million in Paradigm led funding round · Crypto Daily · Feb 2021
- 4Coinbase Reinforces Onchain Ambitions with Opyn's DeFi Derivatives Pioneers · CryptoNinjas · Jul 2025
- 5Crypto startup Opyn rides DeFi wave to $2 million funding round · Decrypt · Jun 2020
- 6Investors use Opyn’s Crab strategy · The Defiant via Yahoo Finance · Jan 2022
- 7M&A News: Coinbase (COIN) Acquires Opyn Markets' Leadership Team in a Talent-Only Deal · TipRanks
- 8X account lookup: @opyn_ · twitterapi.io (X data provider)
- 9X search: @opyn_ posts, 1 October to 20 November 2024 · twitterapi.io (X data provider)
- 10X search: @opyn_ posts, 15 June to 31 December 2025 · twitterapi.io (X data provider)
Show 2 moreShow fewer
- 11CFTC Issues Orders Against Operators of Three DeFi Protocols for Offering Illegal Digital Asset Derivatives Trading (Release 8774-23) · U.S. Commodity Futures Trading Commission · Sep 2023
- 12Raindrop: Sentry for AI Agents (company directory page) · Y Combinator
Every figure above is clickable and opens the sources behind it. Copies were stored when each source was read, so a citation still resolves after the page it came from is gone.