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New ‘Custo DeFi’ solution combines decentralized finance with the security and simplicity of a bank account
Cryptocurrency exchange Centralex has launched the first solution to combine the security of trading on mainstream crypto exchanges with the range of assets and passive income options only available off mainstream exchanges. Its custodial decentralized finance solution, or ‘Custo DeFi’, allows users to access offerings such as trading, lending, staking as well as cryptocurrencies and NFTs, all with the consumer protection offered by a centralized, regulated exchange.
Custo DeFi aims to tackle fragmentation in the crypto space, where investors currently have to deal with lengthy private keys, seed phrases, and ledgers all to interact with multiple wallets and unpredictable fees. Even for experienced investors, this complexity can mean that funds are easily lost to mistakes or fraud – some $14 billion USD was lost in crypto-related scams in 2021. Some of the most popular crypto wallets come in the form of a web-browser extension, the benefit of which is ease of access for users, but this ease leaves them prone to malware attacks. Centralex aims to change this by allowing users to access all the benefits of DeFi in a secure and simple way that doesn’t compromise on safety.
The solution is fully compliant and regulated and means that regardless of whether you’re on or off-chain, you can buy and sell crypto in the same way as you would use a traditional bank account, with a username and a password. Investors can access all the benefits of DeFi – such as high liquidity, being able to stake crypto assets and easily transfer funds, in a user-friendly, and safe environment. Rather than users having to remember long private keys, they are sharded, encrypted and stored across the blockchain in partnership with enterprise-grade custody solutions provider Fireblocks, allowing the best blend of ease and security like modern day online banking. Unlike traditional exchanges, Centralex has no access to private keys, ensuring the custody still lies with the investor.
Tristan Roozendaal CEO at Centralex said: “Interacting with cryptocurrencies is currently a painstaking process. Whether that’s trading, staking, or purchasing NFTs there’s always an anxiety about losing funds with every transaction.
“We built Custo-Defi to be the ‘Goldilocks’ of trading solutions. It combines the security and simplicity of mainstream exchanges with the freedom and range of possibility that comes with the ‘Wild West’ of decentralized finance. We believe that this could be the final frontier of mainstream crypto adoption, allowing even the most inexperienced of users to interact with blockchain assets in the same way as they would an online bank account.”
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