Ferrum Network and Lossless Form Strategic Partnership — Lossless Joins the Iron Alliance
Ferrum has joined forces with Lossless to help introduce their ecosystem of partner projects to Lossless’ DeFi Hack mitigation tools.
Lossless is the world’s first DeFi hack mitigation tool for token creators. Their protocol halts counterfeit transactions through various methods of fraud identification and automatically reverses any stolen tokens back to the original owner.
Lossless is casting a wide net, forming partnerships with some of the most important names in the DeFi industry with hopes to expand into new territories. Since token security is one of the main considerations for investors, they help their partners and their communities to prevent fraudulent transactions and rug pulls.
What does this partnership entail?
As part of this new partnership, we plan to encourage Ferrum Advisory Services’ incubated projects and other early stage projects in the Iron Alliance, to implement Lossless code, thus substantially increasing the safety measures within our ecosystem.
“Its common knowledge that Ferrum prides itself in security. We believe that the team at Lossless is solving a real pain point in the industry… especially when you consider all of the hacks that seem to occur regularly these days. We’re glad to add another layer of security to our ecosystem and look forward to seeing projects utilize their services”
Ian Friend, Co-Founder & COO at Ferrum Network
This partnership is indicative of a broader reorientation within the DeFi industry, which places a higher value on a more mature and responsible attitude towards transaction security. With the number of exploits and lost funds on the rise, we at Ferrum believe this trend is to be welcomed.