Anthony Scaramucci and Former FTX Employees Back Genius with a $6M Seed Round to Build a Decentralized, User-Controlled Exchange That Puts Asset Security First

NEW YORK, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Today, Shuttle Labs announces the beta launch of Genius, a self-custodial digital asset trading exchange experience

Former FTX employees and Anthony Scaramucci are among the investors who have contributed to a $6 million seed round for Genius, a self-custodial digital asset trading exchange experience. The platform, which is now in beta, aims to provide the user experience of a centralized exchange with the decentralization and user control that centralized exchanges have so far failed to deliver, according to its creators.

Genius users maintain complete custody of their funds at all times thanks to the company's proprietary self-custodial model, which eliminates the risks associated with third-party custody. The platform is powered by Lit Protocol's multi-party computation (MPC) technology, allowing users to trade seamlessly across blockchains without incurring gas fees or having to manage complex token bridges.

The platform's liquidity-matching engine aggregates DEX liquidity across multiple networks, ensuring that users always get the best prices, regardless of the chain they trade on. At launch, Genius offers over 12 million tradable assets across eight networks, making it ideal for both new and experienced traders.

According to Ryan Myher, Co-Founder of Shuttle Labs, the company that created Genius, “Centralized exchanges win because anyone can use them, but they're risky. Decentralized exchanges lose because they're complex to navigate, but they're transparent, and ensure power remains in the hands of the user. Genius is the best of both worlds.”