The case for self-custody grows stronger as buyers demand proof of their belongings over crypto exchanges. Whereas some CEOs selected to double down on assuring the funds’ security on their platforms, Ray Youssef, the CEO of crypto change Paxful, sided with the concept of self-custody as he took accountability for over 11 million customers.

The autumn of FTX was an eye-opener for buyers who predominantly entrusted crypto exchanges with safeguarding their belongings. FTX CEO Sam Bankman-Fried, nevertheless, broke this belief by misappropriating customers’ funds through Alameda Analysis. Ever since, quite a few exchanges needed to share pockets data as proof of reserves publicly.