The Collapse of FTX Exchange Makes Investors Turn to Decentralized Exchanges, Hard Wallets
|– The Collapse of FTX Exchange triggered a surge in hard wallet sales.|
– Investors now turn to more secure exchanges and wallets.
According to a report, Trezor, the first to make a Bitcoin hard wallet, said that its sales revenue tripled in the last week. The company stated that its e-commerce website jumped to over 350%, following the FTX breakdown.
On a similar note, Ledger Enterprises, another leader in making hard wallets, also reported a surge in their sales.
While these private companies did not further disclose their sales in dollar terms, both have seen these changes in the same period as the collapse of FTX exchange, when investors pursued safer management of their funds.
Effects of FTX Bankruptcy
This collapse of FTX has piqued investors’ interest in decentralized exchanges. While the FTX’s users are somehow unsure if they can get their assets back, decentralized exchange users are most probably confident with using this type of exchange.
To note, centralized exchanges like FTX hold users’ private keys and passcodes. This is in contrast to the common mantra in the crypto space, ‘not your keys, not your crypto’. On the other hand, decentralized exchanges give full control of their funds and data to the users themselves.
For some investors, this can be a better option to avoid mishaps like what occurred in FTX.
The Riverex Decentralized Exchange
Amid the current ordeals in centralized exchanges, users turn to a more secure option—decentralized exchanges, which give them full control and management of all their assets.
One of the best options is Riverex—a decentralized crypto exchange wherein users conduct peer-to-peer atomic swaps, and liquidity pool creations via smart contracts. The exchange does not store any of the users’ information or data, most especially their private keys and passcodes. It supports five blockchain networks—Ethereum, Binance, Moonbeam, Polygon, and Fantom—allowing 260+ cryptocurrencies for swapping.
More so, the decentralized mechanism of Riverex can help ease the worries of investors from centralized exchanges..
Riverex can be accessed on other desktops and mobile (Android).