Bitcoin.com introduced the creation of a program that may reward individuals affected by centralized crypto firm insolvencies whereas encouraging the adoption of decentralized finance and self-custody. The CEX Education Program will draw its assets from Bitcoin.com’s pockets token VERSE, which is launching in December. Five p.c of the entire VERSE token provide is devoted to this system.
Victims of FTX, Blockfi, Celsius, Voyager, and different failed centralized entities can be eligible to declare a reward from the CEX Education Program by signing up at getverse.com. In the long run, Bitcoin.com will proceed to use this system to help victims and incentivize them to onboard to self-custodial merchandise.
“With slick UX, logos on sports activities stadiums, Matt Damon commercials, Tom Brady endorsements, and large ‘assured’ returns, the lure of CeFi is robust. But as we’ve seen, lack of transparency within the centralized mannequin, whether or not or not it’s in crypto or tradfi, is an enabler for the gross mismanagement of buyer funds and, in some circumstances, blatant fraud,” stated Bitcoin.com CEO Dennis Jarvis.
“Centralized corporations masquerade as ‘crypto,’ however in actuality their enterprise mannequin depends on separating customers from their cash, which is antithetical to the complete proposition of crypto. Bitcoin and decentralized finance are transformative exactly as a result of they empower individuals to take custody of their belongings whereas on the identical time imposing radical transparency within the underlying monetary infrastructure. The CEX Education Program is an effort to present the incentives wanted to encourage the transition away from dangerous centralized exchanges to self-custody, the place the true advantages of this know-how lie.”
Bitcoin.com has an extended monitor file of being a vocal supporter of self-custody. The Bitcoin.com Wallet, which supplies a protected and easy-to-use self-custodial expertise, has served because the gateway for tens of millions of newcomers to the area. Users maintain their very own personal keys, which implies they aren’t in danger of fraud or mismanagement of their funds — as they’re once they forfeit administration of their cryptoassets to centralized entities.
Now, with greater than 35 million wallets created throughout 5 blockchains — together with Ethereum, Avalanche, and Polygon — the Bitcoin.com Wallet constitutes an necessary retail gateway to DeFi. Bitcoin.com’s dedication to DeFi is bolstered by VERSE, which can reward individuals for purchasing, promoting, storing, utilizing, and studying about cryptocurrency whereas supporting those that are looking for accessible onboarding into the self-custodial mannequin.
The implosion of FTX and Alameda strengthened the Bitcoin.com crew’s resolve of their mission to assist create financial freedom by constructing the instruments individuals want to safely interact in decentralized finance.
“Despite this and different implosions occurring in CeFi (not DeFi), it’s however a black eye for the entire business. Many who acquired burned will go away, and many extra nonetheless on the sidelines will view it as a purpose to keep away – and that’s an actual disgrace as a result of decentralized finance is a power for good. Bitcoin.com has determined to do one thing about this example that may prolong some type of recompense, promote the foundational tenets of self-custody and DeFi, and assist construct again this business stronger than ever.”
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