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Non-custodial wallets are often viewed as the safest way to store crypto. Changex offers clients just that - a security-first crypto wallet.
A key element of the Changex platform is its wallet - the area where users store and keep all of their crypto assets throughout their entire Changex experience. At the forefront of the wallet’s functionality, you, of course, have the fact that it’s non-custodial - meaning, Changex will never handle your crypto assets, and you are the only one who has access to them via private keys that only you know.
This is a big difference from centralized exchange wallets. With CEXs, your funds are stored within wallets that can be accessed only by the centralized exchange itself, and thus, the platform theoretically has the final say of what happens to them. It becomes a matter of trust - however, as I’ve told you in one of the previous lessons, an exchange could decide to freeze your account at any time, same as a traditional banking institution.
On top of this lack of user control issue, there’s also a matter of security, as well - if the exchange were to get hacked, you could lose all of your funds.
As opposed to that, the non-custodial nature of the Changex wallet mitigates these issues, to a significant extent. Since you’re the only one in possession of your private keys, even if the underlying platform were to get its security compromised, your crypto would remain safe.
The Changex wallet also comes with a myriad of additional benefits. You’ll find that the wallet is very simple to use and navigate through, even if you have limited prior experience with crypto storage.
On top of that, the Changex wallet features comprehensive security measures, allows you to perform fiat-crypto transactions from the comfort of its interface, supports multiple chains (or, networks), and can be accessed 24/7, no matter the market conditions.
The entire Changex platform (the wallet included) is an interesting testament to the current situation in the broader DeFi space. The concept of combining DeFi & CeFi features into a single platform isn’t necessarily new, but Changex showcases how truly relevant it is, as well as the potential that such combinations could have, on a larger scale.
It’s evident that the future of CeDeFi involves beginner onboarding, improvements on the user experience end of things, as well as additional feature implementations. As it currently stands, however, Changex serves as a good example of what spearheading innovation in this industry looks like.