- Changpeng Zhao and Michael Saylor shed light on the importance of self-custody.
- $800M net in-flows are in Safe since last Tuesday.
- Bitcoin exchange withdrawals reached a 17-month high of 3,424.315.
Crypto traders and investors have been requested by industry giants to self-custody their crypto assets in the middle of the market uncertainty resulting from FTX collapse.
Changpeng “CZ” Zhao, Binance CEO, shared a tweet on November 13 wherein he urged the crypto community to keep their personal crypto through self-custody crypto wallets.
In the tweet, he mentioned that self custody is a basic right of every human and one can do it anytime. However, they must ensure doing it right. He suggested investors begin with small capital to learn about the technology as well as tooling.
Self custody is a fundamental human right.— CZ 🔶 Binance (@cz_binance) November 13, 2022
You are free to do it at any time.
Just make sure you do do it right.
Recommend start with small amounts to learn the tech/tools first.
Mistakes here can be very costly.
Michael Saylor, MicroStrategy executive chairman, discussed the benefits of self-custody in the present market environment. He shared that self-custody offers property rights to investors but also forbids potential actors from harming the network besides its participants.
Systems that do not have self-custody enable custodians to gather ample power, which they are definite to abuse. Adding on he said, self-custody is important for the broad middle class since it leads to checks as well as balance on every actor that allows them to stay in competition and offer virtue and transparency.
Saylor continued that self-custody is crucial to maintain both the ethics and security of blockchains as it enhances decentralization.
Net inflows have soared into self-custody. Since last Tuesday, Safe, a smart contract wallet, reported $800 million in net inflows when the FTX saga started to go beyond control.