Self-Custody and Decentralised Exchanges Are the True Vision of Crypto.
The recent news surrounding centralised exchanges like FTX, Crypto Dot Com and Binance have been causing a stir within the Web3 and traditional financial space.
Centralised exchanges believe to use customer deposits, over leverage, and borrow funds to provide proof of funds evidence. This speculation has led to a wave of users removing their funds, taking control of their own keys, and looking at decentralised exchanges.
So, let’s talk about the key benefits of decentralization and what services you can use.
Benefits of decentralized exchanges –
- Self-Custody
- No KYC/On Boarding
- Greater range of products
One of the main benefits of utilizing decentralized exchange is it allows you to control your own funds. You can connect to decentralized exchanges via cold wallets or hardware wallets, allowing you to keep your funds safe and secure.
With controlling your own funds, you are in control of your own keys. This has become a hot topic within the crypto space as many centralized exchanges have suspended withdrawals, over leveraging, and utilising their users’ funds without their knowledge.
Knowing Your Customer (KYC) is another regulation placed onto centralized exchanges that requires exchanges to know your identity and proof of address. KYC rules can prove to be a barrier for certain users who don’t have a registered address or government issued identification. It is a benefit for decentralized exchanges, as it allows users of any background or nationality to have access to trading and financial instruments if KYC is removed.
Stigma’s around decentralized exchanges range from liquidity issues, lack of trading pairs and financial instruments. Development over the past two to three years has really pushed development on decentralized exchanges such as KyberSwap.
KyberSwap has fixed the issues of liquidity by connecting over 100 decentralised dApps and DEXs as well as offering revolutionary farms and financial instruments.
Users can connect directly to KyberSwap with the below decentralised wallets:
- Metamask
- Coin98
- Wallet Connect
- Coinbase Wallet
- Ledger
- Brave Wallet
Above are some of the best and most secure wallets available currently on the market.
What is KyberSwap?
KyberSwap allows users to connect their self-custody wallets to their interface, allowing them to swap, earn, and farm instantly on their platform.
Users can swap between 20,000 tokens from the 13 supported chains and get the best prices guaranteed via their DEX aggravator, that works with over 100 decentralized applications. This removes the need to sign up to several exchanges to access certain instruments.
Best of all, you control your assets from the start, don’t need to submit KYC and can get access to more features and tokens than you would from any centralized exchange.
It's time to take the power back and step away from centralized organizations. They created bitcoin to give the power back to the user, and it's time we do this.
If you want to find out more about KyberSwap and decentralization, check out the links below:
Decentralization — https://en.wikipedia.org/wiki/Decentralization
Twitter — https://twitter.com/KyberNetwork?s=20&t=Af-ojxARnFm8QyLntxuvvA
KyberSwap — https://bit.ly/3DUHDGY
