OKX Ventures and Neptune Mutual Launch First OKX Cover Pool
VICTORIA, Seychelles, Dec. 21, 2022 (GLOBE NEWSWIRE) — OKX Ventures, the venture arm of world-leading cryptocurrency platform OKX, and crypto hedging protocol Neptune Mutual today announced a partnership to deliver OKX’s first-ever cover pool. The decentralized cover solution will be listed on Neptune Mutual’s P2P cover marketplace, which offers protection against hacks and attacks in DeFi, CeFi, and metaverse protocols.
OKX’s cover pool gives users who are risk-averse or subject to hedging requirements for custody risk the ability to purchase covers, the price of which will be determined by supply and demand. OKX users will also have the opportunity to be an LP for the cover pool and earn cover fee incomes.
Neptune Mutual’s parametric cover models are user friendly for cover purchasers, given the hassle-free payout process upon incident resolution. For LPs, better liquidity and principal capital stability are provided, given cover pools in Neptune Mutual are denominated in USDC. Investments and yield are all made in USDC terms, and proof of deposit tokens (PODs) are fungible yield-bearing tokens that can be traded via DEXs, in case LPs miss their regular redemption window.
“As a global leader in crypto, 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 towards underwriting for crypto users, leaving a gap that decentralized and on-chain P2P solutions like OKX’s cover 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 glad to be the first one offering this risk mitigation tool for the millions of users on OKX.”
OKX Ventures has been an early backer in Neptune Mutual’s technology, as part of a commitment to supporting projects that will drive crypto adoption. The integration of Neptune Mutual’s cover pool solution into the OKX ecosystem will offer a new way to hedge against risk, appealing to investors and traders seeking advanced protection.
About OKX Ventures
OKX Ventures is the investment arm of world-leading crypto platform OKX. With an initial capital of $100 million, OKX Ventures funds innovative blockchain projects building web3 infrastructure, Layer2 solutions, DeFi protocols, NFT and metaverse applications, and more. Broadly, OKX Ventures invests capital and resources into high-quality teams and long-term structural value investments to support sustainable blockchain industry development. Learn more at okx.com/ventures.
About Neptune Mutual
The Neptune Mutual marketplace is one where DeFi, CeFi, and Web3 users can purchase parametric cover policies to protect their digital assets: more cover products are expected to launch soon. Neptune Mutual project safeguards the Ethereum community from cyber threats. The protocol uses parametric cover as opposed to discretionary insurance. It has an easy and reliable on-chain claim 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: Media@okx.com
