Paxful CEO Ray Youssef advises not to keep money on exchanges, only keep the tradable amount. Instead, go for self-custody.
Paxful to remove Ether from its exchange.
SBF might start a new business to repay FTX users.
Since the collapse of FTX, crypto users’ confidence is at an all time low. To regain the lost trust, exchanges are adopting the Proof-of-Reserve mechanism. And the case for self-custody is stronger than ever as investors are demanding evidence of proper handling for their assets on exchanges.
Most industry CEOs have chosen to double down on ensuring the safety of funds’ on their platform. Ray Youssef, the CEO of Paxful, flanked the idea of self-custody, as he took responsibility for 11 million users on his exchange.
The FTX saga has been an eye-opener for all the investors, who have principally been trusting crypto exchanges with safeguarding their assets. Sam Bankman-Fried supposedly broke this sacred trust as he mishandled users’ funds via Alameda Research. S
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