Binance CEO made an invitation to ‘personal custody solutions’ in a tweet dated November 13. The altcoin project pointed out by CZ has reached a new high today after rallying 80%.
Binance CZ points to this altcoin project for decentralized custody solutions
Changpeng Zhao (CZ) is making statements on Twitter to keep investor confidence alive in the wake of the FTX crisis. He said yesterday that Binance not only offers centralized custody solutions, but also supports decentralized custody solutions through Trust Wallet. Trust Wallet’s native token TWT has jumped over 80% following CZ’s private share. On November 14, it updated its ATH level to $2.50, up more than 50%.
Behind the rally is demand from investors moving away from centralized exchanges as much as CZ’s tweet. According to Glassnode data, withdrawal processes on centralized exchanges reached the highest level in 17 months with the FTX crisis.
CZ highlights value of decentralized custody solutions like Trust Wallet
Trust Wallet supports major Blockchains such as Ethereum, Binance and TRON. It collects cryptocurrencies from investors from various networks in a single, decentralized wallet. “Personal retention is a fundamental human right,” CZ tweeted on November 13. Encouraged to use Binance powered Trust Wallet for decentralized custody solutions. Binance CEO also refers to an article he wrote 2 years ago for custody solutions:
CZ’s pressure on the private custodian solutions comes as investors rethink how to keep their funds in faith after the collapse of FTX and a hack that subsequently pulled $600 million in funds from their wallets. Trust Wallet, acquired by Binance in 2018, is a decentralized hot wallet that facilitates the storage of cryptocurrencies and NFTs. It offers a wide range of storage that it is compatible with Blockchains, especially Ethereum, Binance and TRON.
CZ advises investors to start small and get used to the technology to avoid costly mistakes. He also adds that Trust Wallet facilitates the self-protection of crypto.
Investors are moving away from centralized exchanges as FTX collapse
Data from blockchain analytics firm Nansen identified more than $72 million in outflows on Binance today. Huobi and Crypto.com recorded $12.7 million and $7.3 million respectively. However, information from Glassnode shows that Bitcoin withdrawals from the exchange have increased recently. This shows that the investor’s preference for self-hiding has increased. Koindeks.comIn this article, we have quoted the altcoin reserves that exchanges share to gain investor trust.