With the cryptocurrency market falling, Bermuda-based startup STS Digital, which provides cryptocurrency options trading services for institutional investors, has raised $30 million.

Fortune reported that the round was led by venture investment firm CMT Digital, with participation from cryptocurrency exchange Kraken, venture investment firm Arrington Capital and Fidelity’s investment arm.

STS Digital currently handles more than 400 cryptocurrency options contracts and also serves as a market maker to provide liquidity.

CMT Digital investment partner Sam Hallene (샘 할린) said there are few places in the market that offer more than 400 cryptocurrency options. He said it is a very difficult problem technically and in terms of risk management, but STS Digital solved it.

STS Digital CEO Maxime Seiler (막심 세일러) expressed concern about a market structure centered on perpetual contracts and stressed that options, which allow investors to set an expiration date and loss limit, offer institutional investors better protection in volatile markets. He cited the Oct. 10, 2024 incident and pointed out that crypto-native exchanges accelerated the price drop further by forcing customer positions to be liquidated.