- INDX, the masternode and staking platform, has decided to pivot to DeFi with a new product, Jellyfish
- INDX had suffered delays due to regulatory problems surrounding security tokens
- They hope the DeFi pivot will circumvent the regulatory requirements
INDX, the masternode and staking platform that has failed to launch three years after its conception, has changed course and announced Jellyfish, a DeFi product. Having suffered from what the company calls “systemic obstacles within the industry”, INDX has chosen to move into the DeFi space in the hopes of sidestepping the issues they have faced since beginning work in 2017, with the platform set to launch in early 2021.
INDX Targets Insurance Staking Market
INDX was formed in 2017 at a time when masternodes and staking platforms were the talk of the town. The INDX algorithm, named Artemis, was designed to find, buy, and spin up the most profitable masternodes, but the company has experienced a range of problems on the road to release, ranging from shifting regulations to a dearth of exchanges willing to accommodate security tokens.
As a result, INDX has announced a pivot to DeFi in an attempt to capitalize on the new sub-sector of the cryptocurrency ecosystem. The particular area of DeFi into which INDX intends to move is the insurance staking market, a hitherto underexplored area of the space, where they will turn their technology towards Collateralized Debt Insurance (CDI).
INDX explains in an investor email that CDI uses an algorithmic smart contract to resolve “primitive DeFi capital inefficiencies” without going into more detail about precisely what these inefficiencies are.
Investors In “Commanding Position”
INDX say they are hopeful of working out a “joint venture with a top blockchain development house with specific DeFi credentials” which, combined with their experience to date, they claim “puts INDX and its investors in a commanding position”.
INDX was opened to private investors in 2018 and underwent a public ICO in late 2019, raising $593,000. Since then however the project has met with “systemic obstacles” and had failed to launch, with the investor email blaming “the lack of regulated security exchanges, compliance costs and a rapidly evolving ecosystem” for the reasons behind the delays.
INDX hopes that their DeFi pivot will allow them to launch into the market without the regulatory issues they have faced to date, with the company confident that the new protocol can launch “within the next quarter.”