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

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

Bitcoin.com announced the creation of a program that will reward people affected by centralized crypto company insolvencies while encouraging the adoption of decentralized finance and self-custody. The CEX Education Program will draw its resources fromBitcoin.com’s wallet token VERSE, which is launching 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 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 assist victims and incentivize them to onboard to self-custodial products.

“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,” saidBitcoin.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 long track record of being a vocal supporter of self-custody. TheBitcoin.com Wallet, which provides a safe and easy-to-use self-custodial 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 forfeit management of their cryptoassets to centralized entities.

Now, with more than 35 million wallets created across five blockchains — including Ethereum, Avalanche, and Polygon — theBitcoin.com Wallet constitutes an important retail gateway to DeFi.Bitcoin.com’s commitment to DeFi is bolstered by VERSE, which will reward participants for buying, selling, storing, using, and learning about cryptocurrency while supporting those who are seeking accessible onboarding into the self-custodial model.

The implosion of FTX and Alameda strengthened theBitcoin.com team’s resolve in their mission to help create economic freedom by building the tools people need to safely engage 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.”

  Tags in this story Bitcoin.com, CEX Education Program

  Bitcoin.com

Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial 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. South Korea Freezes $104 Million in Assets Belonging to Terra Co-Founder REGULATION | 2 hours ago Ripple CEO Optimistic Crypto Industry Will Be Stronger After FTX Fiasco if Transparency and Trust Remain Its Focus FEATURED | 4 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRipple CEO Optimistic Crypto Industry Will Be Stronger After FTX Fiasco if Transparency and Trust Remain Its Focus Next articleSouth Korea Freezes $104 Million in Assets Belonging to Terra Co-Founder More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher