BitPay Partnered Banxa For Expansion; CEX & DEX Which is Secure?

BitPay, a U.S based Bitcoin and cryptocurrency payment service provider collaborated with Banxa aiming to enhance access to crypto payments. The partnership aims to offer crypto enthusiasts vast and great infrastructure in terms of payment methods.

It is often observed that people use local payment methods which are considered as convenient way to complete transactions. Banxa has met all global regulators’ requirements and has also secured all important licenses and permits to offer these services.

BitPay with Banxa offers their services in 175 cryptocurrencies across 20 leading blockchains. As per data available on Google, around 513 companies have started using BitPay as a Bitcoin tool.

Cryptocurrency exchanges in the United States have been dominating the market for quite some time. One of the most prominent and most used exchanges is Coinbase which has its IPO registered as COIN stock.

According to data from Coinmarketcap, spot trading volume of Coinbase was 1,731,571,389.57 from which $536,871,950 at the time of writing, primarily driven from Bitcoin trading. The second most traded token on its ecosystem is Ethereum which was trading at $1,775.58.

Third position in the market is acquired by Kraken and it offers the facility to trade more than 640 coins/tokens in different trading pairs. In the cryptocurrencies market, there are more than 668 cryptocurrency exchanges registered globally.

Centralized Vs Decentralized, Which is Safe?

In the centralized category, Coinbase and Kraken seem to be the leaders but in the decentralized category, Uniswap has been dominating since the past few years.

Comparing the trading volume of a leading exchange in the centralized and the decentralized categories, it becomes clear that centralized exchanges have a wider customer base.

Coingecko data shows that the trading volume of the entire decentralized category in the past 24 hours was $2,893,487 and Defi volume dominance is 1.3%.

In terms of security and user protection, analysts believe that decentralized exchanges are more safe than centralized. However, trading on centralized exchanges is easier compared to that in DEX, per analysts.

A major decline in the usage of centralized exchanges was seen after the unprecedented collapse of FTX which wiped hundreds of Billions of investor funds.

The FTX collapse shocked the market, spooking investors. Following the bankruptcy of FTX, dozens of companies declared bankruptcy due to their financial association with the ill-fated exchange.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.