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press release
Bitcoin.com announced the creation of a program that will reward individuals affected by centralized crypto company insolvencies while encouraging the adoption of decentralized finance and self-storage. The CEX Education Program will draw its resources from Bitcoin.com’s wallet token VERSE, which will launch 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 registering at getverse.com. In the future, Bitcoin.com will continue to use the program to assist victims and encourage them to onboard self-custody products.
“With slick UX, sports stadium logos, Matt Damon commercials, Tom Brady endorsements and big ‘guaranteed’ returns, the allure of CeFi is strong. But as we’ve seen, the lack of transparency in the centralized model, whether in crypto or tradfi, an enabler of gross mismanagement of customer funds and, in some cases, outright fraud, says 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 safeguard their assets while enforcing radical transparency in the underlying financial infrastructure.The CEX Education Program is an effort to provide the incentives needed to encourage the transition 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-storage. Providing a safe and easy-to-use self-storage experience, the Bitcoin.com wallet has served as the gateway for millions of newcomers to the space. Users have their own private keys, meaning they are not at risk of fraud or mismanagement of their money – as they are when they lose control 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 represents an important retail entry into DeFi. Bitcoin.com’s commitment to DeFi is strengthened by VERSE, which will reward participants for buying, selling, storing, using and learning about cryptocurrency, while supporting those seeking accessible onboarding in the self-defense model.
The implosion of FTX and Alameda strengthened the Bitcoin.com team’s resolve in their mission to help create financial freedom by building the tools people need to safely engage in decentralized finance.
“Despite this and other implosions occurring in CeFi (not DeFi), it is still a black eye for the entire industry. Many who were burned will leave, and many more who are still on the sidelines will see it as a reason to to stay away – and it’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 form of compensation, promote the basic principles of self-storage and DeFi, and help build this industry back stronger than ever.”
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