OKX Ventures and Neptune Mutual launch first OKX hedge pool

[ad_1]

OKAY

VICTORIA, Seychelles, Dec. 21 10, 2022 (GLOBE NEWSWIRE) — OKX Ventures, the venture capital arm of global cryptocurrency platform OKX, and crypto hedging protocol Neptune Mutual today announced a partnership to provide the first-ever hedge pool from OKX. The decentralized hedging solution will be listed on the Neptune Mutuals P2P Hedging Marketplace, which offers protection against hacks and attacks in DeFi, CeFi and Metaverse protocols.

OKX’s hedge pool gives users who are risk averse or subject to custodial risk hedging requirements the ability to purchase hedges, the price of which will be determined by supply and request. OKX users will also have the ability to be an LP for the hedging pool and earn hedging fee revenue.

Neptune Mutuals’ parametric coverage models are friendly to coverage buyers, given the hassle-free payment process during incident resolution. For LPs, better liquidity and stability of principal capital is provided, as Neptune Mutual’s hedge pools are denominated in USDC. Investments and yield are all done in USDC terms, and Proof of Deposit (POD) tokens are fungible yield-bearing tokens that can be traded through DEXs, in case LPs miss their usual redemption window.

As a global crypto leader, OKX prioritizes platform security and strives to offer the best possible risk management solutions, said Jeff Ren, Head of OKX Ventures. Traditional insurers are still rather conservative when it comes to underwriting for crypto users, leaving a void that decentralized and on-chain P2P solutions like OKX’s hedging pool can fill.

“This is another step in our mission to make parametric insurance available to every crypto asset owner,” said Binod Nirvan, CEO and Founder of Neptune Mutual. We are happy to be the first to bring this risk mitigation tool to the millions of users on OKX.

OKX Ventures was an early backer of Neptune Mutuals technology, as part of a commitment to support projects that will drive crypto adoption. The integration of Neptune Mutuals’ hedge pool solution into the OKX ecosystem will provide a new way to hedge against risk, appealing to investors and traders looking for advanced protection.

The story continues

About OKX VenturesOKX Ventures is the investment arm of the world’s leading crypto platform OKX. With an initial capital of $100 million, OKX Ventures funds innovative blockchain projects creating Web3 infrastructure, Layer2 solutions, DeFi protocols, NFT and metaverse applications, and more. Generally speaking, OKX Ventures invests capital and resources in high-quality teams and long-term structural value investments to support the sustainable development of the blockchain industry. Learn more at okx.com/ventures.

About Neptune MutualThe Neptune Mutual marketplace is one where DeFi, CeFi, and Web3 users can purchase parametric hedging policies to protect their digital assets: more hedging products are expected to launch soon. The Neptune Mutual project protects the Ethereum community from cyber threats. The protocol uses parametric coverage as opposed to discretionary insurance. It has a simple and reliable chain of complaints process. This means that when incidents are confirmed by the community, resolution is fast. Neptune Mutual is listed in the DeFi Insurance category of blockchain data aggregators.

CONTACT: Contact: [email protected]

[ad_2]