Do the cryptocurrency true believers have faith in decentralized finance? According to a new report, investors appear to be sticking to centralized exchanges over DeFi tools. (Reporting via coindanslecoin)
. According to Chainalysis, year-to-date Bitcoin balances for centralized exchanges now amount to 6.9 million BTC or an 11% increase from 6.2 million BTC three years ago.
Kim Grauer, director of research at Chainalysis, noted that CEXs are no longer prime targets for hackers as they were in the early days of crypto because such platforms have managed to improve security and compliance significantly. Many CEXs have specifically implemented more stringent secure operating systems like distributed denial-of-service protection standards and audited third-party security system checks.
“HODLers are holding, and if anything, we saw an increase in the accumulation of crypto by longer-term holders. Much of this crypto is being held on centralized exchanges.” “My advice for those holding Bitcoin and crypto is always to self custody in cold storage [...]. That being said, CEXes are becoming safer places to leave your crypto with the advent of 2FA and more stringent security measures.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CoinShares wants to harness Twitter bots for goodCrypto asset manager launches Twitter bot to help NFT traders assess the fair value of projects.
Read more »
Crypto Asset Manager BlockTower Launches $150M Venture Capital Fund: ReportCrypto asset manager BlockTower has launched a venture capital arm with a new $150 million fund to back DeFi and blockchain infrastructure projects, according to a report. BrandyBetz reports
Read more »
Digital Asset Bank Custodia Files Lawsuit in U.S. Court Over BNY Mellon's Crypto ApprovalCustodia alleges the Kansas City Federal Reserve Board of Governors showed favoritism over approval delays, while giving BNY Mellon a green light to engage in crypto custody.
Read more »
Betterment offers four pricey and similar crypto portfoliosThe 4 crypto portfolios are named universe, sustainable, metaverse and decentralized finance.
Read more »