Three former executives who held legal, policy and product roles at cryptocurrency exchange OKX have launched an accessible decentralized finance connectivity platform called Shredpay, targeting retail clients and institutions in the United States
The founding team of Shredpay consists of Mauricio Beugelmans, former chief legal officer and CEO of OKX; president Melissa Muehlfeld, former global general counsel of OKX; and chief technology officer Peter Chang (former vice president of product at OKX).
Decentralized finance (DeFi) remains a tricky topic for the uninitiated. According to a press release from Shredpay, current market offerings are segmented and do not include transparent risk information, making mainstream adoption difficult.
The solution from Beugelmans and colleagues is to provide a simple, accessible on-chain financial platform that provides clear risk ratings for DeFi protocols to help new users, the company said.
The so-called ShredPay DeFi Rating Index evaluates protocols in terms of smart contract security, liquidity depth, operational transparency, compliance, governance structure and historical performance, providing users with a standardized risk assessment comparable to traditional credit ratings.
“DeFi may seem opaque, but that has nothing to do with technology and everything to do with information asymmetry,” Beugelmans said. “Users often cannot easily distinguish between tried and tested protocols and exit scams.”
Shredpay CTO Chang said cryptocurrency natives likely already know how to assess protocol risk; they read audits, track TVL, and monitor governance. “We are packaging institutional-grade due diligence into a format suitable for mainstream users. It expands the addressable market for every protocol we evaluate,” he said.
