Decentralized cryptocurrency exchange C3 raised $6 million in a seed funding round led by Two Sigma ventures, the investment arm of traditional finance quantitative trading firm Two Sigma, according to a press release.

C3 positions its platform as a transparent self-custodial platform that’s as easy to use as centralized exchanges, which took a reputational hit with the collapse of multi-billion dollar exchange FTX due to liquidity issues. C3 users get to choose how to custody their funds and can trade from a variety of noncustodial wallets or through a preferred custodian without having to entrust the funds directly to the exchange, according to the statement.

"In the wake of this heightened uncertainty and anxiety, there is an opportunity for new entrants to build a more reliable, self-custodial approach to trading, leveraging the fundamental innovations of blockchain technology," said C3 co-founder Michel Dahdah in the press release. "It is clear that the current market structure of cryptocurrency assets is far from where it needs to be to onboard billions of users, let alone completely replace traditional financial markets."

Other backers in the round included a mix of traditional investors, quant firms and liquidity providers, including Jane Street, Hudson River Trading, Flow Traders, Jump Crypto, Cumberland DRW, Golden Tree, CMS Holdings, AlphaLab Capital and C² Ventures.

Two Sigma Ventures raised $400 million for two funds last September, and the early-stage and growth-stage focused purses planned to include crypto investments.

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