In an effort to promote decentralized finance and self-custody, Bitcoin.com has announced the launch of a scheme that will reward those who have lost out as a result of mass collapse of centralized crypto companies. Restoring investor confidence in cryptocurrencies is crucial in light of the recent demise of numerous Centralized Exchanges (CEX) and the havoc they left in their wake.
Restoring hope in crypto
The collapse of the market has prompted Bitcoin.com to take action. It plans to use the reward-oriented teaching program to advance the principles of self-custody and DeFi, rebuild the sector and make it more powerful than ever.
The collapse of FTX and Alameda only reinforced Bitcoin.com team’s resolve to fulfill their aim of empowering people to use decentralized financial systems without fear of loss. According to Dennis Jarvis, CEO of Bitcoin.com, the absence of transparency in the centralized architecture allows for the gross mismanagement of customer assets and, in some cases, outright fraud.
Jarvis said: “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.”
According to Bitcoin.com, the actual benefits of crypto technology lie in self-custody, which is why the CEX Education Program is attempting to give the incentives necessary to facilitate the transition away from hazardous centralized exchanges. Users who have lost funds due to the collapse of centralized services like FTX, Blockfi, Celsius, Voyager, and others can join the CEX Education Program and be eligible for a reward by registering at getverse.com.
In preparation for the December release of Bitcoin.com’s wallet token VERSE, CEX has allocated funds for the VERSE Education Program. In total, 5% of all VERSE tokens will be going towards supporting this initiative. Bitcoin.com intends to continue using the initiative in the future as a means of aiding victims and incentivizing their transition to self-custodial services.