Swyftx CEO Alex Harper urged followers that cold storage is a safer option for all crypto holders. Furthermore, exchanges should talk more about cold storage options and educate users on the importance of crypto security.
As a result, Harper advises that all crypto holders should immediately purchase an offline wallet as soon as they buy crypto. Moreso, cold storage is the superior option for long-term crypto holding.
Swyftx CEO: Loyalty over profitability
With over 30,000 users and 189 cryptocurrencies on offer, Swyftx is mainly concerned about loyalty more than profitability. Harper takes the view that establishing yourself as a trustworthy brand makes you a step ahead of those with lukewarm reputations.
Harper goes on to express that other exchanges have been silent on cold storage and using Ledger.
They want all of the funds to stay deposited on the exchange. However, we know that by doing the right thing and making our users more aware of Ledger, we will be building loyalty instead of orchestrating a quick cash grab.
This will be apparent to our users because they know we have their best interests in mind. Moreover, it is a long-term strategy to build trust with our users, added Harper.
Educating the Crypto Community About Offline Wallets
Other exchanges and executives need to remind the crypto community about offline wallets just like Harper and his team is doing. Swyftx has even created a guide to help users understand the risks with online storage and the benefits of hardware wallets.
Crypto exchanges need to educate users on how vital crypto security is. Swyftx also dedicated blog posts and portions of their website to educating users on cryptocurrency storage.
Other exchanges are not stressing cold storage options hard enough. Don’t get me wrong, the technology of exchanges has advanced lightyears since the Mt. Gox era, or even where we were when we first started almost 3 years ago.
However, it’s still hard if not impossible to beat offline crypto storage. Crypto exchanges need to come out and talk to their communities about this big-time expressed Harper.
Swyftx is Australia’s fastest-growing online crypto exchange. From 2018 to 2019, it grew from doing over $10 million to $120M in monthly trading volume. They have an iOS and Android application.