Ray Yousef, CEO of P2P bitcoin trading platform Paxful, spoke out in favor of self-storage of the first cryptocurrency instead of centralized exchanges.
Will be sending an email every week strongly advising our people to never keep savings on any exchange, including @paxful This is the way! Self custody of your savings ALWAYS! pic.twitter.com/DI95Gaa5Y6
— Ray Youssef (@raypaxful) December 11, 2022
“As CEO of Paxful, I am in charge of bitcoin for more than 11 million people. I am very proud to protect our community funds and, unlike others in the industry, have never touched our clients’ money,” he wrote.
Yousef encouraged users to self-storage. In his opinion, only assets for trading should be kept on exchanges.
“Why? For far too long people have trusted others to hold money, but as we saw with banks in 2008 and recently with FTX, you become dependent on these custodians and their morals,” he explained.
According to Yousef, if users want to hold their bitcoins on Paxful, then their funds will be safe. He also promised to advise his clients on a weekly basis not to save on any of the exchanges.
Earlier, hardware wallet makers Ledger and Trezor recorded a significant increase in device sales amid the collapse of FTX.
Recall that in November, Binance CEO Changpeng Zhao and former head of MicroStrategy Michael Saylor called for self-storage of digital assets.
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