Coinbase Collaborates With DeFi Firm to Launch the Ultimate Non-Custodial Exchange
Coinbase, a well-known US-based crypto exchange, has partnered with a privacy-focused crypto firm to introduce a new decentralized exchange (DEX) platform.
The company is working alongside various prominent investors, including Brevan Howard, a $20 billion hedge fund, venture capital firm FinTech Collective, and Coinbase Ventures.
Violet co-founder Markus Maier stated that the creation of Mauve was inspired by FTX’s high-profile collapse last year, one of the biggest crypto exchanges at the time. Maier aims to restore confidence in the crypto industry, which he believes has been adversely impacted by the FTX debacle globally.
As a non-custodial crypto exchange, Mauve empowers its users to trade without relinquishing custody of their assets, reducing the risk of unauthorized access or theft of funds.
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Mauve will adopt the architecture of DeFi to ensure investors own their assets while also providing compliance guarantees and disclosure from TradFi to minimize counterparty risk.
According to Philipp Barnhardt, one of Violet’s founders, the long-term vision is for all financial products and services to operate on decentralized crypto rails with no intermediaries, necessitating deep integration between TradFi and DeFi.
Violet initiated this process and now aims to realize this vision with Mauve.