Shuttle Labs Raises $6M to Build Genius, the Crypto Exchange FTX Could Never Be: Secure, Self-Custodial, and Decentralized

Shuttle Labs Raises $6M to Build Genius, the Crypto Exchange FTX Could Never Be: Secure, Self-Custodial, and Decentralized

Benzinga
October 23, 2024

Image Courtesy of Alesia Kozik

NEW YORK, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Today, Shuttle Labs announces the beta launch of Genius, a self-custodial digital asset trading exchange experience designed to be everything FTX wasn't. To build Genius, Shuttle Labs has secured $6 million in seed funding from prominent investors, including Anthony Scaramucci, CMCC Global, The SALT fund, Flow Traders, and multiple former FTX employees. Positioning itself to revolutionize the experience of trading digital assets, Genius addresses some of the key issues that led to FTX's spectacular collapse: safety, user control, and decentralization that centralized exchanges have so far failed to deliver.

Where FTX left users vulnerable by taking control of their assets, Genius inherently flips the script. With Genius, users maintain complete custody of their funds at all times— creating a centralized exchange experience where "not your keys, not your crypto" is no longer just an adage; it's a promise. Backed by key figures from inside and outside the crypto industry, including Balaji Srinivasan, Floodgate, Scott Moore, and Arca, Genius is building a platform where the ease and speed of centralized exchanges meet the security and empowerment of self-custody. According to Ryan Myher, Co-Founder of Shuttle Labs:

"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."

Genius's proprietary self-custodial model eliminates the risks of third-party custody, ensuring users always hold their private keys so their assets ...

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