Bitcoin.com introduced the creation of a program that can reward folks affected by centralized crypto firm insolvencies whereas encouraging the adoption of decentralized finance and self-custody. The CEX Training Program will draw its sources from Bitcoin.com’s pockets token VERSE, which is launching in December. 5 p.c of the full VERSE token provide is devoted to this system.
Victims of FTX, Blockfi, Celsius, Voyager, and different failed centralized entities can be eligible to say a reward from the CEX Training Program by signing up at getverse.com. Sooner or later, Bitcoin.com will proceed to make use of 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 massive ‘assured’ returns, the lure of CeFi is robust. However as we’ve seen, lack of transparency within the centralized mannequin, whether or not it’s in crypto or tradfi, is an enabler for the gross mismanagement of buyer funds and, in some instances, blatant fraud,” mentioned Bitcoin.com CEO Dennis Jarvis.
“Centralized firms masquerade as ‘crypto,’ however in actuality their enterprise mannequin depends on separating customers from their cash, which is antithetical to the whole proposition of crypto. Bitcoin and decentralized finance are transformative exactly as a result of they empower folks to take custody of their belongings whereas on the identical time implementing radical transparency within the underlying monetary infrastructure. The CEX Training Program is an effort to offer 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 a protracted monitor document of being a vocal supporter of self-custody. The Bitcoin.com Pockets, which offers a secure and easy-to-use self-custodial expertise, has served because the gateway for hundreds of thousands of newcomers to the area. Customers maintain their very own non-public keys, which implies they don’t seem to be liable to fraud or mismanagement of their funds — as they’re after 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 Pockets constitutes an necessary retail gateway to DeFi. Bitcoin.com’s dedication to DeFi is bolstered by VERSE, which is able to reward contributors for purchasing, promoting, storing, utilizing, and studying about cryptocurrency whereas supporting those that are in search of 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 folks want to soundly interact in decentralized finance.
“Regardless of this and different implosions occurring in CeFi (not DeFi), it’s however a black eye for the entire trade. Many who bought burned will depart, and plenty of extra nonetheless on the sidelines will view it as a purpose to remain away – and that’s an actual disgrace as a result of decentralized finance is a pressure for good. Bitcoin.com has determined to do one thing about this case that can lengthen some type of recompense, promote the foundational tenets of self-custody and DeFi, and assist construct again this trade stronger than ever.”
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