Recent events and occurrences in the Crypto space have led to an outcry on the importance of self-custody, following the aftermath of FTX’s and Alameda meltdown. The popular phrase “Not your keys, not your coins” or “Not your keys, not your crypto” have been making rounds on the internet, reigniting debates on the importance of self-custody. This catastrophic event has left a bad taste in the mouth of investors, and cannot be blamed for reacting this way. However, suggesting a complete ridding of CEXs will be a case of “throwing the baby out with the bathwater” because in terms of growth in crypto adoption, centralized exchanges have contributed more than DEXs.
The focus of this piece is to explain how KoinBasket is different, highlighting the prudent and meticulous approach employed to ensure that the risk associated with crypto investment is reduced to the lowest minimum.
How is KoinBasket Different?
Founder and CEO of KoinBasket Khaleelulla Baig, in a statement, strongly expressed his dissatisfaction with bad players in the industry, distancing KoinBasket from dishonest practices and also asserting his position on the importance of self-custody;
“Are you giving away the custody of your funds and assets to crypto trading firms, bots & managed portfolio providers? Beware! They lure you in with the promise of easy money, but then take your money and leave you high and dry.”
Investor welfare and long term growth is paramount for us since our conception, hence we’ve consciously decided not to chase unhealthy growth of users and revenue that otherwise comes from taking custody of user funds/ assets and lethal trading activities like leverage trading, short selling, which time and again have proven to be the single most common factor for the collapse of so called great projects like Celsius, terra luna ,FTX, BlocFi etc.
He further explains KoinBasket’s different approach;
“At KoinBasket, we first allow users to practice crypto trading through our demo trading platform (no pre-conditions) and once they gain enough experience and confidence, the users have the option of investing in live markets while users keep complete control of funds and assets with them” He further remarked.
We only integrate with regulated exchanges and do not seek access to user’s secret API keys, assets and funds.The platform goes a step further in providing a safe trading environment by helping users stay away from risky trading products and activities like leverage trading and short selling, also we do not entice users with the promise of high-yields in a short period of time. Rather, the platform is built on helping the crypto investor solve the “age-long” investment dilemma through meticulous fundamental analysis and prudent fund allocation spread across multiple crypto sectors and projects.Our focus is on providing well-researched crypto baskets for investors. The engine behind KoinBasket collates complex crypto data in real-time, analyzes it in view of the present market trends, past performance and valuation, and finally prepares theme relevant crypto baskets. As such, we do not deny the apparent risks associated with the crypto industry, rather, our primary objective is to increase the likelihood of success and mitigate the risks involved.