Self-Custody Crypto Is More Important Than Ever
Have you ever seen your bank’s complete ledger?
The list of all transactions incoming, outgoing, and internal for all banking customers big and small dating back years? Don’t know about you, but I don’t have access to that.
We have to trust the laws and regulations around banking to keep the custodian of your funds honest and the record straight.
How about your centralized crypto exchange’s ledger? The one with your USD deposits, withdrawals, trades, etc. A small amount of that information is public, like your crypto deposits and withdrawals from public blockchains, but most of that information is not available to you.
We have to trust that these exchanges are custodying your funds in an operationally honest and safe way.
But how much trust should you have in a financial institution whose ledger is almost entirely private? I think the recent FTX debacle has all of us asking this question.
So if you want to participate in crypto, and don’t want to completely trust centralized exchanges, what are your options?
Why Self-Custody Crypto Matters
This is where the idea of self-custody crypto comes in. Your keys, your crypto. You manage the security, operations, and execution of your funds and you take on all the upside and all the risk.
You might have heard of blockchain technology described as a “public ledger”. A list of all transactions in, out, between. Everything that happens on Bitcoin or Ethereum is public, which means your transactions are written out for YOU to see.
We don’t have to trust that transactions happening on the blockchain are correct, we can verify with publicly available data.
This idea of self-custody crypto – that I have total control and own all benefits and risks with my money – is why crypto and DeFi captured my imagination and is the genesis for why we’re building Giddy.
Own your keys, own your crypto, make all your own decisions with complete transparency, verifiable by data on a public blockchain. Giddy makes that possible for more people than ever before, and I can’t wait for you to try it!