According to BlockBeats on Aug. 27, Kostas Kryptos, a co-founder of Mysten Labs, the team behind Sui, said Havenex is in the middle of its Series A financing round and is close to wrapping it up.
He said the project has submitted all required license applications, along with some additional ones, and that the financing allocation is nearly fully taken.
Built for institutions rather than retail-style exchange competition
Kryptos said Havenex is not meant to become another Coinbase, Binance, Bybit, or Kraken. Instead, it is being positioned as infrastructure for financial institutions so they can offer digital assets and traditional financial assets to clients while meeting standards for regulation, custody, security, and transparency.
Planned features include verifiable custody and continuous solvency proof
Havenex is expected to support a multi-chain architecture, verifiable custody, continuous proof of solvency, default multisignature setup, quantum-resistant keys, hardware two-factor-authentication wallets, as well as self-custody and key-loss protection.
In jurisdictions where regulation permits it, the project also plans to support privacy assets and real-world assets, or RWAs.
Sui will be used where appropriate
Kryptos said the project will use Sui technology in suitable scenarios, while also integrating assets, bridge protocols, and underlying components from other ecosystems.
He added that the Havenex concept came from him. For now, he will participate in the project as an adviser, while Mysten Labs and Sui remain his primary focus.
Project sets out to avoid the standards associated with FTX and Mt. Gox
Kryptos said Havenex wants to establish transparency and security standards different from those associated with FTX and Mt. Gox. He also said the project aims to reduce the risk of severe vulnerabilities linked to code generated by large language models in recent periods.