Wintermute Becomes One Of Ribbon Lend’s First Two Borrowers

September 25, 2022 - Around 2 mins mins to read

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

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:

We're excited to welcome @folkvangtrading and @wintermute_t as the first two borrowers on Ribbon Lend! ????
— Aevo (fka Ribbon Finance) (@ribbonfinance) September 24, 2022

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.

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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