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

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 Education Program will draw its sources from Bitcoin.com’s pockets token VERSE, which is launching in December. Five % of the full VERSE token provide is devoted to this system.

Victims of FTX, Blockfi, Celsius, Voyager, and different failed centralized entities shall be eligible to assert a reward from the CEX Education Program by signing up at getverse.com. In the longer term, 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 stadiums, Matt Damon commercials, Tom Brady endorsements, and big ‘guaranteed’ returns, the lure of CeFi is strong. But as we’ve seen, lack of transparency in the centralized model, whether it be in crypto or tradfi, is an enabler for the gross mismanagement of customer funds and, in some cases, blatant fraud,” mentioned 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 at the same time enforcing 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 protracted observe file of being a vocal supporter of self-custody. The Bitcoin.com Wallet, which offers a secure 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 non-public keys, which implies they aren’t prone 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 Wallet constitutes an vital retail gateway to DeFi. Bitcoin.com’s dedication to DeFi is bolstered by VERSE, which can reward individuals for getting, 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 staff’s resolve of their mission to assist create financial freedom by constructing the instruments folks want to securely interact in decentralized finance.

“Despite this and other implosions occurring in CeFi (not DeFi), it’s nevertheless a black eye for the whole industry. Many who got burned will leave, and many more still on the sidelines will view it 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 recompense, promote the foundational tenets of self-custody and DeFi, and help build back this industry stronger than ever.”