Binance CEO CZ Propels Crypto Self-Custody CZ's push for self-custody comes at a time when investors are rethinking about the security of the assets amidst the market spiralling out of control
By Saptak Bardhan •
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Changpeng Zhao, CEO, Binance on Sunday requested the crypto community to take control of the digital assets using Trust Wallet. CZ tweeted "@TrustWallet your keys, your coins" sending the native coin of Trust Wallet, TWT to a record high.
.@TrustWallet your keys, your coins. https://t.co/pJUc26kQ7n
— CZ ? Binance (@cz_binance) November 13, 2022
Changpeng 'CZ' Zhao tweeted on Sunday, "Self custody is a fundamental right. You are free to do it at any time."
Binance acquired Trust Wallet in 2018. Facilitating storage of cryptocurrencies and non-fungible tokens, Trust Wallet is a decentralized hot wallet. The wake of FTX's collapse as well as a hack that washed out $600 million worth of coins from its wallets, CZ's push for self-custody comes at a time when investors are rethinking about the security of the assets amidst the market spiralling out of control.
According to blockchain analytics firm Nansen, Binance witnessed netflow of approximately $72.9 million whereas Hubio witnessed a netflow of approximately $12 million and crypto.com witnessed a netflow of approximately $4.7 million.
CZ advised investors to start with small amounts while getting comfortable with the technology. He reiterated that mistakes can be costly. CZ added that trust wallet facilitates self-custody of crypto.
