Main navigation

CEX Education Program Launched by as Centralized Services Collapse

Mon, 11/21/2022 - 15:42
article image
Vladislav Sopov
CEX Education Program designed to reward collapsed CEX victims with VERSE, native token of's new wallet
CEX Education Program Launched by as Centralized Services Collapse
Cover image via
Read U.TODAY on
Google News

Heavyweight cryptocurrency ecosystem announces a novel program to introduce noncustodial blockchain services to everyone who was somehow affected by CEX collapses series. announces CEX Education Program with VERSE rewards

According to the official announcement shared by portal, its team launched a CEX Education Program, an initiative designed to reward all victims of recent centralized exchange collapses. VERSE, a core asset of the upcoming wallet, will underpin the economics of the initiative.

To launch this program, allocates 5% of the aggregated VERSE supply. The token will be activated as soon as December 2022. In order to claim the tokens, users are invited to sign up at, a purpose-made website by

Besides the victims of the FTX, Blockfi, Celsius and Voyager dramas, will support users affected by other collapses of centralized or hybrid trading services.

Commenting on the program's launch, CEO Dennis Jarvis highlighted that the aggressive promotion is what makes centralized cryptocurrency majors so dangerous for investors:

With slick UX, logos on sports stadiums, Matt Damon commercials, Tom Brady endorsements, and big "guaranteed" returns, the lure of CeFi is strong. But as we've seen, lack of transparency in the centralized model, whether it be in crypto or tradfi, is an enabler for the gross mismanagement of customer funds and, in some cases, blatant fraud.

Besides compensations, the program is also designed to demonstrate the opportunities that decentralized services can unlock for average users of cryptocurrencies in 2022.

Introducing self-custody to new generation of users

Also, VERSE tokens will be used to motivate the users of VERSEDEX for any sort of trading, lending and staking activity on each supported blockchain.

As covered by U.Today previously, ecosystem supports over 100 Ethereum-based ERC-20 tokens. Also, it recently integrated the most overhyped "Ethereum killer," Avalanche (AVAX).

Related Now Supports Storage and Exchange of 100+ ERC-20 Tokens

VERSE itself will be an ERC-20 token. In total, 210 billion tokens will be minted; the process of VERSE token release will take seven years.

As mentioned in its whitepaper, VERSE will be distributed to active contributors to the ecosystem and seasoned users of its various services.

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)