ByteX, a zero collateral crypto loan and exchange platform, has announced launch of a Non-Custodial setup that allows users to choose between an exchange wallet or Metamask wallet to store their digital assets amidst the FTX collapse that wiped out approximately $100 billion from the crypto market cap.
While the market absorbs the hit, ByteX along with several other projects is working to regain the lost faith and keep their wheels on track.
With measures like proof-of-reserve, non-custodial, or self-custodial setups, these projects are going above and beyond to gather and display all their resources to the public and reinstate trust and transparency in the space.
ByteX, is proactively working on producing proof-of-reserve and re-announcing their already established optional custody of customer assets while using the platform. ByteX is a Web3-based licensed & regulated CeDeFi platform where users can trade, earn, & borrow crypto using both custodial & Metamask wallets. The zero-collateral crypto-loans CeDeFi platform caters to both institutions and individuals globally with Earn, Borrow & Trade services using Web3 technology.
The FTX fall and the loss of custodial funds incinerated customer trust in centralized exchanges and led to enhanced trust in DeFi. In light of these events, ByteX announced that the CeDeFi platform would offer custody as an option. With this new feature, users can now choose to either use the Exchange Wallet to store their digital assets or their MetaMask Wallet to store their private keys. This feature is designed to give users more control over their digital assets and ensure that their private keys are always under their own control.
Users can now log in and trade from Metamask, a popular browser extension allowing users to securely store their private keys in a browser-based wallet and remain KYC/AML compliant. ByteX is also working with industry experts to audit and share its proof of reserves. This will allow users to see how much cryptocurrency the exchange holds in reserve. This will give users greater transparency and security when trading on the platform.
While discussing ByteX’s array of secured offerings, Robert Balazs, CEO of ByteX, stated, “ByteX is committed to giving users the most secure and user-friendly experience possible. This feature is just one of the many ways we ensure our users have the best possible experience using our platform.”
