LONDON, UK, 17 Sep 2021, ZEXPRWIRE, Asset and financial product management platform AuBit (aubit.io) is pleased to announce its strategic partnership with decentralized finance (DeFi) insurance platform Steady State (steadystate.finance), through which it will offer a comprehensive insurance solution to users of its staking platform, Freeway.
As AuBit’s first insurance partnership, the collaboration will focus on using Steady State’s DeFI protocol insurance to offer protection for AuBit Freeway users and their staked funds. The partnership signals a historic step in AuBit and Steady State’s shared mission to merge traditional and decentralized finance for the benefit of all users, trailblazing a path for institutions to enter DeFi markets.
AuBit’s Freeway platform is the world’s first and only asset management platform that gives users asset volume growth on financial products as well as asset value growth, meaning investors earn more of what they own on every trade through the redistribution of fees and other revenues. The Freeway platform will offer Steady State’s groundbreaking insurance index pools as a way to hedge against systemic risk in the DeFi space.
The Freeway Lite platform has attracted over USD $15M of assets under management (AUM) since its early public launch in Q2 2021. AuBit’s Supercharger products, offered through the platform, offer the highest legitimate staking rewards in crypto for BTC, ETH, ADA, DOT, and fiat currencies. Through its Freeway Token (FWT), the platform generates industry-leading returns by rewarding users with company revenues, including the redistribution of 80% of transaction revenues in the form of the financial products they already own.
Steady State, a DeFi insurance startup founded in early 2021, is nearing completion of its USD $2.95M first-round private raise. The revolutionary insurance solution allows DeFi platforms, protocols and businesses to buy insurance policies that protect their assets from systemic DeFi risks such as smart contract vulnerabilities, flash loan exploits, and the decoupling of stablecoins from their fiat value pegs.
By covering entire protocols and platforms rather than individual users, Steady State aims to shield the largest number of users possible from DeFi’s costliest calamities. By combining multiple coverage policies into index pools, Steady State optimizes capital efficiency and allocation, consequently reducing premium costs, increasing collateralization, and mitigating downside risk to all users.
The alliance will also focus on creating new assets that are traded by investors for arbitrage opportunities. Long-term, AuBit and Steady State plan to give institutional investors access to Steady State’s index pools on Freeway through AuBit’s Prime Brokerage, bringing in a new class of DeFi users to the fold.
“We’re excited to be working alongside the AuBit team and community to bring these new, innovative and entirely necessary products to the crypto ecosystem,” says Jon Libby, Steady State founder and CEO. “Comprehensive protocol insurance and risk analysis are totally untapped, and Steady State’s index pools combine these concepts to tackle a significant industry need.”
Graham Doggart, AuBit founder and co-CEO, says, “We’re delighted to partner with Steady State as an exciting new startup that shares our mission of creating a better, fairer financial system that opens up opportunities for all. It’s a partnership with the potential for a lasting impact on not just our client base and business but the financial world at large as we continue to bridge traditional, digital and decentralized finance.”
AuBit’s Freeway platform is the first and only asset management platform in the world that gives users asset volume growth (more stocks, bonds and gold) through the redistribution of fees and other revenues as well as typical asset value growth (normal price fluctuation of assets). The platform went live in Q2 2021 and currently has more than $15m in products sold. AuBit’s management team and advisors have worked at some of the largest financial and technology companies in the world including Goldman Sachs, Fidelity, HSBC, Credit Suisse, Morgan Stanley, IBM, Google and more and recently announced the launch of AuBit Prime, a rebranded EU Prime brokerage with a spotless 22-year track record under EU regulations.
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About Steady State
Steady State gives DeFi protocols and platforms a practical solution to safeguard their assets and users. The platform aims to eliminate bottlenecks in DeFi insurance using automated processes, shared coverage pools, a cutting-edge risk analysis database, and Chaink Keepers. Steady State is creating a new paradigm for decentralized insurance by delivering DeFi’s most capital-efficient insurance platform for protocols. To learn more about Steady State and the impact of our pragmatic approach to DeFi insurance.
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