DeFi

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.
Wintermute Becomes One Of Ribbon Lend's First Two Borrowers 3

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.

Wintermute Becomes One Of Ribbon Lend's First Two Borrowers 4

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

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.

Recent Posts

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

35 minutes ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

1 hour ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

1 hour ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

2 hours ago

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

5 hours ago

Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum

Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…

8 hours ago

This website uses cookies.