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

Bitcoin.com announced the instauration of a programme that volition reward radical affected by centralized crypto institution insolvencies portion encouraging the adoption of decentralized concern and self-custody. The CEX Education Program volition gully its resources from Bitcoin.com’s wallet token VERSE, which is launching successful December. Five percent of the full VERSE token proviso is dedicated to the program.

Victims of FTX, Blockfi, Celsius, Voyager, and different failed centralized entities volition beryllium eligible to assertion a reward from the CEX Education Program by signing up astatine getverse.com. In the future, Bitcoin.com volition proceed to usage the programme to assistance victims and incentivize them to onboard to self-custodial products.

“With slick UX, logos connected sports stadiums, Matt Damon commercials, Tom Brady endorsements, and large ‘guaranteed’ returns, the lure of CeFi is strong. But arsenic we’ve seen, deficiency of transparency successful the centralized model, whether it beryllium successful crypto oregon tradfi, is an enabler for the gross mismanagement of lawsuit funds and, successful immoderate cases, blatant fraud,” said Bitcoin.com CEO Dennis Jarvis.

“Centralized companies masquerade arsenic ‘crypto,’ but successful world their concern exemplary relies connected separating users from their coins, which is antithetical to the full proposition of crypto. Bitcoin and decentralized concern are transformative precisely due to the fact that they empower radical to instrumentality custody of their assets portion astatine the aforesaid clip enforcing extremist transparency successful the underlying fiscal infrastructure. The CEX Education Program is an effort to supply the incentives needed to promote the modulation distant from risky centralized exchanges to self-custody, wherever the existent benefits of this exertion lie.”

Bitcoin.com has a agelong way grounds of being a vocal protagonist of self-custody. The Bitcoin.com Wallet, which provides a harmless and easy-to-use self-custodial experience, has served arsenic the gateway for millions of newcomers to the space. Users clasp their ain backstage keys, which means they are not astatine hazard of fraud oregon mismanagement of their funds — arsenic they are erstwhile they forfeit absorption of their cryptoassets to centralized entities.

Now, with much than 35 cardinal wallets created crossed 5 blockchains — including Ethereum, Avalanche, and Polygon — the Bitcoin.com Wallet constitutes an important retail gateway to DeFi. Bitcoin.com’s committedness to DeFi is bolstered by VERSE, which volition reward participants for buying, selling, storing, using, and learning astir cryptocurrency portion supporting those who are seeking accessible onboarding into the self-custodial model.

The implosion of FTX and Alameda strengthened the Bitcoin.com team’s resoluteness successful their ngo to assistance make economical state by gathering the tools radical request to safely prosecute successful decentralized finance.

“Despite this and different implosions occurring successful CeFi (not DeFi), it’s nevertheless a achromatic oculus for the full industry. Many who got burned volition leave, and galore much inactive connected the sidelines volition presumption it arsenic a crushed to enactment distant – and that’s a existent shame due to the fact that decentralized concern is simply a unit for good. Bitcoin.com has decided to bash thing astir this concern that volition widen immoderate benignant of recompense, beforehand the foundational tenets of self-custody and DeFi, and assistance physique backmost this manufacture stronger than ever.”

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