DeFi

Wintermute Becomes One Of Ribbon Lend’s First Two Borrowers

Wintermute Becomes One Of Ribbon Lend's First Two Borrowers

Ribbon Finance announced that Wintermute, a crypto market maker, and Folkvang, a crypto HFT trading platform, are the first two borrowers on Ribbon Lend.

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Ribbon Finance is a suite of DeFi protocols that help users access crypto-structured products. It combines derivatives and fixed income to improve a portfolio’s risk-return profile. The platform announced on its Twitter page:

Regarding the recent Wintermute hack, Ribbon Finance said that it’s been in direct communication with Credora Platform, a credit oracle, on the financial health of Wintermute, and is happy to have Wintermute as one of the first borrowers.

Ribbon Lend is a product of Ribbon, it can be described as an uncollateralized Aave liquidity, allowing depositors to lend unsecured to KYC/AML‘d institutional market makers of their choosing with high. Ribbon Lend offers the best of both worlds between TradeFi and DeFi.

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For now, Wintermute will continue to operate its on-chain trading operations. In addition, the platform has offered a bounty of 16 million USDC to return all its stolen assets.

Recently, Wintermute’s hack caused the foundation to lose $160 million, it is not clear how much the project borrowed from Ribbon but it can be said that this is a move to consolidate finances after the recent incident.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.