- Pascal Gauthier says there is no longer a need for centralized exchanges.
- Consumers should utilize decentralized technology, as per the Ledger CEO.
Pascal Gauthier, the CEO of Hardware wallet developing technology, Ledger recently warned the consumers in connection with investing in centralized exchanges. In an interview held at the Bitcoin conference, “Surfin’ Bitcoin 2022”, Gauthier expressed that the recent failure of centralized exchanges has demonstrated why investors should not rely on middlemen to handle their digital assets.
He stated:
The cryptocurrency industry is too young, the current state of the economy is under stress and if necessary, intermediaries will continue to prevent investors from accessing their holdings in times of need….Don’t trust your coins and your private keys to anyone because you don’t know what they’re going to do with them.
Gauthier pointed out the bankrupt crypto lending platform, Celsius Network LLC as an example of this and expressed that people need to move their coins before it’s too late.
Gauthier’s Concern About Centralized Exchanges
According to Gauthier, there is no longer a need for intermediaries to manage digital assets and financial data due to the emergence of decentralized services and hardware security wallets. He additionally stated that, until more consumers start utilizing decentralized technology, the huge tech companies and those centralized intermediaries will continue to have control over digital assets.
Moreover, most people now consider cryptocurrency as a way to make money faster. According to Gauthier, those investors are not realizing that digital assets can provide them control over their possessions and financial independence.
In the ongoing largest Bitcoin conference in Europe, the Ledger CEO also spoke about Web3. The Web2 to Web3 migration is taking longer than expected since modern internet consumers are happy with the speed and effectiveness of Web2 services. A lot of individuals are still using Web2, because they want to remain in the control-oriented matrix, as per Gauthier.
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