Maven 11 Capital is excited to share our investment in Shyft Network. Shyft is a distributed verification network. The product Shyft is building will drastically reduce compliance overhead for exchanges, custodians and for institutions entering the decentralized finance space. We are excited to support this alongside a great list of organizations and co- investors.
Compliance has always been a hot topic in our industry. Mostly because of the novelty of the technology and the native cross-border operationality. Now that the market is rapidly maturing the demand for compliance solutions is also increasing exponentially. This demand is growing even further because of the upcoming FATF travel rule, which we previously wrote about. Shyft targets this multi billion dollar market.
“After building this thing for three years, this is the pre-launch strategic token sale, we are extremely excited to get all these great parties together. We have been working really hard to get everything out, and have been really fortunate to work with a lot of the big global exchanges” – Joseph Weinberg, founder Shyft Network
Shyft is going live on mainnet shortly and already has partnered with most of the industry giants required to make a network like this a success. In a future in which Shyft is the go-to compliance network, there is no longer a need for redundant KYC onboarding processes at all the various exchanges. Additionally, proving you have your compliance in order as a digital asset service provider will be a straightforward process.
“We are thrilled to be backing Shyft. Their compliance network solves hurdles in a decentralized way, which is what this industry is all about, Shyft is creating an open ecosystem instead of siloing it like other solutions. Additionally, doing this will result in unlocking hundreds of billion dollars to enter DeFi as it allows compliant institutions to join the DeFi revolution. We couldn’t be more excited to be backing this team and facilitate that.” – Darius Rugys, Managing Partner Maven 11 Capital
Finally a note on the future direction of Shyft is important. The fastest growing ecosystem inside our industry today is DeFi. However, compliance is an issue here. The permissionless nature of DeFi allows anyone to interact with it. This is a hurdle for certain institutions trying to enter into DeFi. Shyft set out to fix this, and to do so they have several solutions. We look forward to helping Shyft build these out and start onboarding a wave of more compliance demanding institutions into DeFi.