Skip to content Skip to sidebar Skip to footer


bitcoin.com announced the creation of a program that will reward those affected by centralized insolvencies of crypto companies while encouraging the adoption of decentralized finance and self-custody. The CEX education program will draw its resources from bitcoin.comthe wallet token of VERSE, which will be launched in December. Five percent of the total VERSE token supply is dedicated to the program.

Victims of FTX, Blockfi, Celsius, Voyager and other failed centralized entities will be eligible for a CEX Education Program reward by registering on getverse.com. Going forward, Bitcoin.com will continue to use the program to help victims and entice them into self-care products.

“With a slick UX, sports stadium logos, Matt Damon ads, Tom Brady endorsements, and big ‘guaranteed’ returns, CeFi’s appeal is strong. But as we’ve seen, the lack of transparency in the centralized model, whether in crypto or tradfi, is a catalyst for egregious mismanagement of client funds and, in some cases, egregious fraud,” said bitcoin.com CEO Dennis Jarvis.

“Centralized companies masquerade as ‘cryptos’, but in reality their business model is based on separating users from their coins, which is contrary to the whole crypto proposition. Bitcoin and Decentralized Finance are transformative precisely because they empower people to take custody of their assets while enforcing radical transparency in the underlying financial infrastructure.The CEX education program is an effort to provide the incentives needed to encourage the transition from risky centralized exchanges to self-custody, where the real benefits of this technology lie.

bitcoin.com has a long track record as a strong proponent of self-care. The bitcoin.com Wallet, which provides a safe and easy-to-use self-custody experience, has served as the gateway for millions of newcomers to the space. Users hold their own private keys, which means that they are not at risk of fraud or mismanagement of their funds, as is the case when they entrust the management of their crypto-assets to centralized entities.

Today, with over 35 million wallets created on five blockchains, including Ethereum, Avalanche, and Polygon, the bitcoin.com Wallet serves as an important retail gateway to DeFi. bitcoin.comDeFi’s commitment to DeFi is furthered by VERSE, which will reward participants for buying, selling, storing, using, and learning about cryptocurrency while supporting those seeking an accessible integration into the self-preservation model.

The implosion of FTX and Alameda reinforced the bitcoin.com the team’s determination in its mission to help create economic freedom by creating the tools people need to safely engage in decentralized finance.

“Despite this and other implosions occurring in CeFi (not DeFi), it is nonetheless a black eye for the entire industry. Many who have been burned will leave, and many more still on the sidelines will see this as a reason to stay away – and that’s a real shame because decentralized finance is a force for good. Bitcoin.com has decided to do something about this situation that will extend some sort of reward, promote self-custody and DeFi fundamentals, and help rebuild this industry stronger than ever.

bitcoin.com

Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. With accessible educational materials, timely and objective information, and intuitive self-preservation products, we empower everyone to buy, spend, trade, invest, earn, and stay current with the cryptocurrency and the future of finance.

Image credits: Shutterstock, Pixabay, Wiki Commons





Source link

1 Comment

Leave a comment