Crypto Exchanges
By Ayobami Abiola
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Hot and Cold Wallets
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The Mishaps with Cold Wallets
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Ren Protocol as an Example
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Can CEX use Decentralized Custodial Wallets?
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In the next few months, there will be an influx of new crypto adopters who will want in, in the good thing that is happening around crypto.
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It is a good thing that many of the centralized crypto exchanges today have employed the safety net of cold wallets to keep funds safe.
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Recent events however may have proven that even cold wallets might be at risk in some scenarios. An example was the sudden death of an exchange owner.
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Ren protocol introduced a new concept to custodial wallets from its operation. It is a decentralized solution that entrusts the keys to nobody and everybody.
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This kind of decentralized system can be employed by centralized exchanges like Binance. Seeing that they have created two blockchains already is a plus and should make things…
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