Kostas Chalkias, co-founder and chief cryptographer of Mysten Labs, the company behind the Sui blockchain, has announced Havenex, an exchange designed for institutional clients.

 

Announcing Havenex, which is currently in the development and pre-launch stage, Chalkias said the exchange is not intended to become another Coinbase, Binance, Bybit, or Kraken.

 

According to the Sui co-founder, Havenex is designed to enable financial institutions to offer digital and traditional financial assets to their customers while meeting high standards of regulation, security, and transparency.

 

 

Giving a hint about the exchange's infrastructure, Chalkias said Havenex will have multisig enabled by default, quantum safe keys, hardware 2FA wallets, 100% multichain support, verifiable custody, as well as self custody and key loss protection mechanisms.

 

Despite Havenex still being in the development stage, the exchange is currently undergoing the necessary authorization process with Austria's Financial Market Authority (FMA). Once it receives the green light from the FMA, Havenex will have the legal basis to offer regulated financial services, including institutional custody, trading, and other related digital asset services.

 

Havenex is also currently conducting its first Series A funding round. 

 

Although details regarding how much is being raised and the investors involved remain undisclosed, several reports have speculated that the round could be oversubscribed, particularly given Chalkias’ involvement as a co-founder of Mysten Labs, which raised $336 million to support the development of the Sui blockchain.