CEX Education Program launched by Bitcoin.com as centralized services collapse

Heavyweight cryptocurrency ecosystem Bitcoin.com announces a new program to introduce non-custodial blockchain services to anyone who was somehow affected by the CEX collapse series.

Bitcoin.com Announces CEX Education Program with VERSE Rewards

According to the official announcement shared by the Bitcoin.com portal, the team launched a CEX Education Program, an initiative designed to reward all victims of recent centralized exchange collapses. VERSE, a core capital of the upcoming Bitcoin.com wallet, will underpin the economics of the initiative.

Victims of failed centralized entities such as FTX will be eligible to claim a reward from the CEX Education Program by registering at https://t.co/4nrJeSywoo.

We will continue to help victims and encourage them to get on board self-storage products.

— Bitcoin.com (@BitcoinCom) 20 November 2022

To launch this program, Bitcoin.com is allocating 5% of the total VERSE supply. The token will be activated as soon as December 2022. To claim the tokens, users are invited to register on getverse.com, a specially created website of Bitcoin.com.

Besides the victims of the FTX, Blockfi, Celsius and Voyager dramas, Bitcoin.com will support users affected by other collapses of centralized or hybrid trading services.

Commenting on the program’s launch, Bitcoin.com CEO Dennis Jarvis highlighted that the aggressive campaign is what makes centralized cryptocurrencies so dangerous for investors:

With slick UX, sports stadium logos, Matt Damon commercials, Tom Brady endorsements, and big “guaranteed” returns, the lure of CeFi is strong. But as we’ve seen, a lack of transparency in the centralized model, whether in crypto or tradfi, is an enabler for gross mismanagement of client funds and, in some cases, outright fraud.

Besides compensations, the program is also designed to demonstrate the possibilities that decentralized services can unlock for average cryptocurrency users in 2022.

Introducing self-storage to a new generation of users

Moreover, VERSE tokens will be used to incentivize the users of VERSEDEX for any kind of trading, lending and staking activity on each supported blockchain.

As covered by U.Today previously, the Bitcoin.com ecosystem supports over 100 Ethereum-based ERC-20 tokens. Also, it recently integrated the most hyped “Ethereum killer”, Avalanche (AVAX).

VERSE itself will be an ERC-20 token. A total of 210 billion tokens will be minted; the process of issuing the VERSE token will take seven years.

As mentioned in its whitepaper, VERSE will be distributed to active contributors to the Bitcoin.com ecosystem and experienced users of the various services.