What is Cork?
Cork Protocol, based in New York, is a decentralized finance protocol specializing in the tokenization and risk management of depeg events for various pegged crypto assets, including stablecoins, liquid staking tokens, and liquid restaking tokens. The company has pioneered a novel DeFi primitive known as Depeg Swaps, which mirrors the function of credit default swaps in traditional finance. This mechanism allows users to hedge, trade, and earn against the risk of assets losing their intended peg. Operating through its Peg Stability Module, Cork Protocol enables market participants to price, trade, and hedge against depeg risks arising from market volatility, liquidity constraints, or external shocks. The platform has launched its beta on Ethereum Mainnet, supporting markets for wrapped staked Ethereum, restaking tokens, and stablecoins, aiming to enhance stability and risk management within the DeFi ecosystem.
How much funding has Cork raised?
Cork has raised a total of $5.5M across 1 funding round:
Seed
$5.5M
Seed (2026): $5.5M with participation from Peer, 432 Ventures, BitGo, Road Capital Management, Gate, FunFair Ventures, G-20 Advisors, a16z crypto, Stake Capital Partners, Cooley, DEPO Ventures, Hyperithm, IDEO CoLab, and WAGMI Ventures
Key Investors in Cork
a16z crypto
a16z crypto is a venture capital fund that invests in crypto and web3 startups across all stages, having been active since 2013. The company aims to support bold entrepreneurs who are building the next generation of the internet.
IDEO CoLab
IDEO CoLab Ventures is a venture capital firm that invests in early-stage internet companies, focusing on innovative ideas and visionary founders. They partner with entrepreneurs to develop products and protocols that resonate with users, aiming to create a more open and connected digital landscape.
WAGMI Ventures
WAGMI Ventures is a global syndicate of 25,000 strategic executives from major crypto companies, focused on investing in and supporting web3 startups. They provide investment, advisory services, and leverage their extensive network to connect founders with key partners and resources.
What's next for Cork?
The recent major strategic investment signifies a critical growth phase for Cork Protocol, likely enabling the expansion of its platform's capabilities and market reach. With a focus on institutional-grade tools for managing pegged asset risk, the company is well-positioned to address a growing need for stability and transparency in the DeFi space. Future developments may include further integration of its Depeg Swaps across more blockchain networks, enhanced risk modeling, and strategic partnerships to broaden its user base and solidify its position as a leader in DeFi risk management solutions.
See full Cork company page
