September 09, 2024
Cork Protocol is gearing up for its mainnet launch by securing investments from notable backers like OrangeDAO, a16z CSX, Ideo Ventures, Steakhouse Financial, Outliers Fund, and Unbounded Capital. These funds will help accelerate its launch.
Project | Latest Raise Date | Lead Investor | Category |
|---|---|---|---|
Cork Protocol | September 09, 2024 | OrangeDAO, a16z CSX, Ideo Ventures, Steakhouse Financial, Outliers Fund, and Unbounded Capital | Trading |
Cork Protocol, which has developed a new DeFi tool similar to credit default swaps for pegged crypto assets, is now part of the a16z Crypto CSX Fall 2024 cohort. This 8-week program, supported by investors such as OrangeDAO and Ideo, aims to fast-track Cork’s early go-to-market strategy.
The crypto financial system needs competitive market risk pricing for insurance and hedging, especially for assets like stablecoins and Liquid Restaking Tokens (LRTs) that often experience price deviations. Cork Protocol introduces Depeg Swaps to address this issue, helping to stabilize prices and reduce the frequency and severity of these deviations.
Cork Protocol can be used for long-term strategies, yield enhancement, or as part of a collateral stack for lending and borrowing. While it can’t prevent all market shocks, it offers a way to price risk and provide insurance against both temporary and permanent price deviations.
Institutional users of liquid staking tokens, like stETH, can benefit from Cork’s competitively priced market insurance for slashing and liquidity risks. Depeg Swaps are also available for other crypto assets, including stablecoins and restaking tokens like eETH, for those looking to hedge complex positions on-chain. Cork has attracted investments from a range of Web3 leaders and investors from both traditional finance and decentralized finance sectors.
About Cork Protocol
Cork Protocol is a platform designed to help stabilize the prices of pegged crypto assets, like stablecoins and Liquid Restaking Tokens (LRTs). It does this by offering a tool called Depeg Swaps, which allows users to hedge against price deviations and manage risk more effectively.
The platform is fully collateralized, trustless, and permissionless, meaning it operates securely and without the need for intermediaries. Cork Protocol aims to enhance market integrity and reduce volatility in the crypto space.
Website: https://www.cork.tech/
About Investor
OrangeDAO, a16z CSX, Ideo Ventures, Steakhouse Financial, Outliers Fund, and Unbounded Capital
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Kommentare