ByteX Allows Users to Store Digital Assets on Metamask Wallet Using Non-Custodial Setup ByteX is working on producing proof-of-reserve and re-announcing its established optional custody of customer assets while using the platform
By Saptak Bardhan •
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ByteX, a zero collateral crypto loan and exchange platform, on Monday announced the launch of a non-custodial setup that allows users to choose between an exchange wallet or Metamask wallet to store their digital assets.
"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," said Robert Balazs, CEO, ByteX.
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 choose to either use the exchange wallet to store their digital assets or their MetaMask Wallet to store their private keys. The feature is designed to give users more control over their digital assets and ensure that their private keys are under their own control.
Users can log in and trade from Metamask. 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. ByteX is also working with industry experts to audit and share its proof of reserves allowing users to see how much cryptocurrency the exchange holds in reserve giving users greater transparency and security when trading on the platform.
ByteX is working on producing proof-of-reserve and re-announcing its established optional custody of customer assets while using the platform. ByteX is a Web3-based licensed and regulated CeDeFi platform where users can trade, earn, and borrow crypto using both custodial and Metamask wallets. The zero-collateral crypto-loans CeDeFi platform caters to both institutions and individuals globally with earn, borrow and trade services using Web3 technology.
