Bitcoin․com Announces ‘CEX Education Program’ to Reward Victims of Centralized Crypto Failures and Bolster DeFi – Press release Bitcoin News

0
101

Bitcoin.com announced the creation of a program that will reward people affected by centralized crypto-company insolvencies, encouraging the adoption of decentralized finance and self-custody. The CEX Education Program will take its resources Bitcoin.com‘s wallet token VERSE, which launches in December. Five percent of the total VERSE token is dedicated to the program.

Victims of FTX, Blockfi, Celsius, Voyager, and other failed centralized entities will be able to claim a reward from the CEX Education Program by signing up at getverse.com. In the future, Bitcoin.com will continue to use the program to help victims and encourage them to buy self-protection products.

“With slick UX, logos on sports stadiums, Matt Damon commercials, Tom Brady endorsements and big ‘guaranteed’ returns, CeFi’s allure is strong. But as we’ve seen, a lack of transparency in the centralized model, be it in crypto or tradfi, is an enabler for the gross mismanagement of client funds and, in some cases, outright fraud,” said. Bitcoin.com CEO Dennis Jarvis.

“Centralized companies masquerade as ‘crypto,’ but in reality their business model relies on separating users from their coins, which is antithetical to the entire proposition of crypto. Bitcoin and decentralized finance are transformative precisely because they empower people to take custody of their assets while while also forcing radical transparency in the underlying financial infrastructure. The CEX Education Program is an effort to provide the incentives needed to encourage the transition away from risky centralized exchanges to self-custody, where the real benefits of this technology lie.”

Bitcoin.com has a long history of being a vocal supporter of self-care. The Bitcoin.com Wallet, which provides a secure and easy-to-use privacy experience, has served as the gateway for millions of newcomers to the space. Users hold their own private keys, which means they are not at risk of fraud or mismanagement of their funds – as they are when they lose management of their crypto assets to centralized entities.

Now, with more than 35 million wallets created across five blockchains – including Ethereum, Avalanche and Polygon – the Bitcoin.com Wallet constitutes an important retail gateway to DeFi. Bitcoin.comThe commitment of DeFi is reinforced by VERSE, which will reward participants for buying, selling, storing, using and learning about cryptocurrency while supporting those looking for accessible onboarding into the self-guardian model.

The implosion of FTX and Alameda strengthened the Bitcoin.com a team’s commitment to their mission to help create economic freedom by building the tools people need to safely engage in decentralized finance.

“Despite this and other implosions happening in CeFi (not DeFi), it’s still a black eye for the entire industry. Many burned will leave, and many others will still look at it on the side 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 kind of reward, promote the fundamental tenets of self-storage and DeFi, and help rebuild this industry stronger than ever.

logomark

Bitcoin.com

Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. By featuring accessible educational materials, timely and objective news, and intuitive self-care products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance.

Image Credits: Shutterstock, Pixabay, WikiCommons



Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here