Genius, which is a self-custodial digital asset trading exchange is getting a Beta launch from Shuttle Labs. The new platform is intended to tackle the drawbacks of centralised exchanges, especially the ones that caused FTX to fail, the press release claimed.
With $6 million in seed funding from prominent investors, such as Anthony Scaramucci and several former FTX staff members, Genius hopes to transform the way people trade digital assets by emphasising decentralisation, user control, and safety.
Genius is a Shift in Control and Safety
By guaranteeing that customers always have full custody of their money, Genius reverses the situation where FTX left consumers exposed by seizing possession of their assets. “Not your keys, not your crypto” is the platform’s guiding idea, which makes it more than just a catchphrase.
“Centralised exchanges win because anyone can use them, but they’re risky,” co-founder Ryan Myher highlighted, underscoring Genius’ goal of fusing the convenience of centralised exchanges with the security of self-custody.
Although decentralised exchanges are transparent and guarantee that power stays in the hands of the user, they lose because they are difficult to operate. The finest of all worlds is genius.
Genius leverages Lit Protocol’s multi-party computation (MPC) technology to deliver a gas-free, bridgeless trading experience. This allows users to trade across different blockchains seamlessly, eliminating the technical barriers that have historically created a divide between centralized and decentralized exchanges.
Genius ensures that assets remain directly under users’ control, allowing for token swaps across networks like Ethereum, Solana, Bitcoin, and Sui without sacrificing speed or convenience, the announcement said.
Why is Genius Unique?
Genius’s distinctive “chain-invisible” experience, which lets users trade across several blockchains without having to deal with distant liquidity pools or gas fees, makes it a win. This focus on user-friendliness is designed to cater to the “net-new crypto user,” simplifying the often complex jargon associated with DeFi.
In addition to its user-friendly design, Genius boasts an innovative liquidity-matching engine that aggregates decentralized exchange (DEX) liquidity across multiple networks. At launch, this service gives users access to more than 12 million tradable assets across eight networks, far above what centralised exchanges like Coinbase and Binance typically offer.
Myher lastly stated, “Think of Genius as Binance, but decentralized,” highlighting that users can purchase any token that exists on a blockchain without needing to understand the underlying technology. Users can trade with confidence when using Genius since they know their assets are safe and in their control.