Neutrl Launches NUSD Token After Raising $5 Million in Funding
Neutrl is a new decentralized finance (DeFi) protocol that aims to democratize hedge fund trading through its NUSD "synthetic dollar" token. This token will generate returns by arbitraging discounted altcoin deals in over-the-counter (OTC) markets.
Key points include:
- Neutrl raised $5 million in seed funding from investors including STIX and Accomplice.
- The protocol offers a tokenized hedge fund strategy similar to other DeFi protocols, providing yield via holding spot cryptos and shorting perpetual futures.
- Neutrl's strategy involves purchasing locked altcoins at discounts and hedging with perpetual futures, aiming for returns from price gaps rather than market movements.
- There is an estimated $10 billion market for locked tokens, presenting significant yield opportunities as crypto yields have reached low levels.
- Neutrl targets $2 billion in assets within two years.