Haven1, an Ethereum VM-Compatible L1 Blockchain Network, Announces Strategic Alliance

Haven1, an EVM-compatible layer 1 blockchain network, has announced a strategic alliance with the team at Coinbag, an institutional-grade asset management solution.

The alliance will bring the founding members and the highly-skilled team of developers from Coinbag over to Haven1, “bolstering the network’s development in anticipation of its upcoming launch in 2024.”

Strengthening the core Haven1 leadership team “will be Jeff Owens, who joins as a Co-Founder at Haven1.”

By uniting the talented team from Coinbag with Haven1, the collaboration is “set to accelerate Haven1’s roadmap so that it can bring its vision of secure, on-chain finance to the masses.”

Haven1’s development comes at a time “when regulatory challenges can often form a barrier to entry to DeFi for regulated institutions.”

To tackle these issues head on, Haven1 will “implement network-level risk controls and a provable identity framework through a Proof of Authority (PoA) consensus mechanism, ensuring regulatory compliance without sacrificing privacy – kick-starting a new era of widespread DeFi adoption.”

Tim Frost, CEO of Yield App, said:

“We at Yield App are delighted to welcome Jeff and his team from Coinbag onto the Haven1 project. Jeff’s extensive background in scaling Web 2 and Web 3 operations, including his role co-founding Coinbag, will undoubtedly enhance Haven1’s leadership. The move is a significant leap forward not only in terms of expertise but also in our collective commitment to driving innovation. This collaboration allows Haven1 to ramp up development, perfectly timed ahead of the launch of the project’s incentivized public testnet.”

Jeff Owens, Co-Founder of Haven1, added:

“I’m thrilled to join the Haven1 project. We’re on the verge of unleashing the full potential of blockchain technology, which could migrate trillions of dollars exchanged through traditional financial markets on-chain. This alliance opens the door to exciting possibilities that will redefine industry standards.”

As noted in the update, Haven1 is an EVM-compatible layer 1 blockchain “designed to offer a secure, trusted and compliant environment to drive the mass adoption of on-chain finance.”

Incubated by the team behind digital wealth platform Yield App, Haven1 claims that it  incorporates a provable identity framework and robust security guardrails “at network level to provide retail, professional and institutional investors with an on-chain finance platform, free from the challenges and risks that plague the DeFi ecosystem.”

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