“The things that make DeFi magical are the noncustodial nature-you own your own assets-and the composability,” said Maier, adding that for the technology to really take off, it must incorporate regulatory safeguards like know-your-customer laws and anti-money-laundering tools.ĭeFi, which describes a Lego-like set of autonomous software tools that let people trade assets without any central intermediary, first took off during the so-called DeFi summer when crypto traders engaged in a flurry of speculation on decentralized trading. 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. The future is dependent on the continued adoption of noncustodial crypto exchanges,” said Maier in a statement. “Mauve is a direct response to the FTX fallout, which has significantly eroded trust in crypto globally by misappropriating funds. 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. After offshore exchange FTX 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 described as the anti-FTX.
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