Coinbase and $20,000,000,000 Hedge Fund Backing New Decentralized Crypto Exchange

Top US-based crypto exchange Coinbase is teaming up with a privacy-focused crypto firm to launch a new decentralized exchange (DEX) platform. In a new press release, decentralized finance (DeFi) firm Violet says it plans to launch Mauve, a DEX built with features of both DeFi and traditional finance (TradFi). The company will be collaborating with several prominent investors, such as Coinbase Ventures, venture capital firm FinTech Collective, and $20 billion hedge fund Brevan Howard. According to Violet co-founder Markus Maier, the creation of Mauve was sparked by last year’s high-profile collapse of FTX, one of the largest crypto exchanges at the time. Maier says the FTX debacle reduced trust in crypto globally, which he seeks to restore with Mauve. “Mauve is a direct response to the FTX fallout, which has significantly eroded trust in crypto globally by misappropriating funds. The future is dependent on the continued adoption of non-custodial crypto exchanges. Mauve empowers its users to trade without surrendering custody of their assets. This means no one can access, much less steal, any retail or institutional investor’s funds, helping to restore confidence among market participants.” From DeFi, Mauve will borrow architecture that allows self-custody to ensure that investors own their assets. From TradFi, it will offer compliance guarantees and disclosure to reduce counterparty risk. As stated by Philipp Barnhardt, one of Violet’s founders, in the press release, “We envision a future without intermediaries where all financial products and services run on decentralized crypto rails. This vision requires deep integration between TradFi and DeFi, and is the reason why we started Violet and now Mauve.” Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox Check Price Action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix
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