After offshore exchange FTX’s collapsed last year as a result of massive fraud, do we really need another crypto exchange? Markus Maier and Philipp Banhardt, founders of crypto compliance firm Violet, think that’s exactly what we need and have persuaded prominent investors to back their vision in the form of Mauve—a decentralized exchange they’ve describe as the anti-FTX.
On Thursday, Violet announced that the likes of hedge fund Brevan Howard and Coinbase Ventures had invested $15 million in Mauve, which is slated to go live this summer.
“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,” said Maier in a statement.
In an interview with Fortune, Maier and Banhardt explained that Mauve will stand out for offering users the best aspects of decentralized finance—among them secure self-custody and modular design—along with all the stringent compliance checks of traditional banks and brokerages.
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