DAO Credit Marketplace Porter Finance to Shut Down Bond Issuance Platform

Porter Finance, a DAO credit marketplace, announced that it would be shutting down its bond issuance platform. Jordan Meyer, the founder of the protocol, said that the team is not confident there will be large inflows of lending demand for fixed income DeFi products like the ones offered through Porter Finance, and is no longer willing to take on the legal risk associated with bond offerings. As a result, the protocol is pivoting away from the bond issuance platform and exploring better opportunities. The closing of the platform is independent of and does not affect Ribbon DAO's obligation to its lenders. Ribbon DAO is still bound by its promise to repay. The protocol's app will remain live until all Ribbon DAO lenders redeem or convert their bonds.