Bitcoin.com is throwing a lifeline to folks burned by the recent wave of crypto exchange flops, rolling out a new program to cushion the blow from centralized giants like FTX, BlockFi, Celsius, and Voyager going bust. Dubbed the CEX Education Program, it’s dishing out compensation to victims who sign up at getverse.com—while giving a big nudge toward decentralized finance (DeFi) and self-custody.
It’s been a brutal few months for crypto fans, with trust in centralized platforms taking a beating. Bitcoin.com’s stepping up with 5% of its upcoming VERSE token supply—set to launch in December—to fund the effort. The idea? Help those hit hard by the collapses and get them hooked on self-custodial tools, like their VERSE wallet, to dodge future disasters.
In a chat with CEO Dennis Jarvis, he didn’t mince words about centralized finance’s (CeFi) allure—fancy apps, sports arena logos, Matt Damon ads, Tom Brady hype, and “guaranteed” returns. But he’s all-in on DeFi, arguing that CeFi’s opacity is a breeding ground for shady moves and outright theft. “These companies dress up as ‘crypto,’ but they rip users away from their own money,” he said. “Bitcoin and DeFi flip that—they hand you control and make the system transparent.”
Jarvis laid out how they’ll verify victims—think proof like wallet deposits to known addresses, trading logs, or transaction emails—to keep it legit. It’s all part of a bigger mission: steer clear of risky centralized Exchanges (CEX) and into self-custody, where crypto’s real perks shine. Bitcoin.com’s been waving the self-custody flag for years, with their Bitcoin.com Wallet onboarding millions of newbies—over 35 million wallets across chains like Ethereum, Avalanche, and Polygon. VERSE just sweetens the deal, rewarding users for trading, staking, and learning the ropes.
The FTX and Alameda meltdowns lit a fire under Bitcoin.com’s team, doubling down on their push for economic freedom through DeFi. Jarvis admits the blowups—while CeFi, not DeFi—still smear the whole industry. His fix? “Tough rules to keep customer funds separate, ideally on a blockchain where everyone can see they’re safe.” For now, with the crypto world licking its wounds, Bitcoin.com’s jumping in with cash, tools, and a vision to rebuild stronger—minus the middlemen.
