STS Digital, a trading firm specializing in crypto options, said it raised $30 million in a strategic round backed by CMT Digital, crypto exchange Kraken’s parent company Payward, and other investors.

The company plans to use the funds to scale its institutional trading platform and solidify its role as a liquidity provider in digital asset markets, according to a statement shared with CoinDesk.

Based in Bermuda, STS Digital allows institutions to trade more than 400 cryptocurrencies across spot, vanilla and exotic options, and structured products through a single interface that supports web, API and voice.

Options are a growing part of institutional crypto portfolios as firms use them to hedge risk and generate yield during volatile…