After the Binance breach, every trader with coins on an exchange has asked who really holds the money. On November 5, Bitget answered with its Open Custody Network, which lets eligible traders keep assets with six banks and custodians while trading on Bitget.
Bitget lost $387.5 million in its own September breach, and Binance lost about $6.3 billion on October 29. So this week’s crypto market news asks who should hold a trader’s coins.That fix serves large institutions. Part of the market is moving one step earlier, into presales that never hold a buyer’s coins, and Pepeto, a meme coin building a non custodial exchange, is one.
Crypto Market News: Bitget’s 6 Custodians Answer a $6.3 Billion Breach
Bitget launched the network on November 5 so eligible traders can use spot, margin and futures markets while assets stay with independent custodians. The six providers are Copper, Cactus, Fireblocks, OSL, Bitfire and Sygnum Bank, whose balances are mirrored into Bitget accounts.
Cactus settles every eight hours and Bitfire once a day, while OSL settles only when losses reach 15% of the assets held. Bitget CEO Gracy Chen said traders should not have to hand assets to an exchange to use its markets. Bitcoin traded near $75,500 that day, up about 2%.
However, the network is built for market makers, asset managers and other institutions. A trader with $1,000 still has to hand coins to an exchange before trading.
What this means is that the crypto market news is about who holds the keys, and Bitget’s answer reaches only institutions. Bitcoin paid most to those who held it before banks offered custody, and Pepeto sits at that point now, building an exchange where the trader signs each swap from his own wallet.
Pepeto Raised $11.2 million for an Exchange That Holds No Coins
Pepeto has raised more than $11.2 million for a meme coin built on one rule, that no company ever holds the trader’s coins. Its presale sells at a stage price that rises each time a stage closes, so time spent studying custody plans can only meet a higher price.
The exchange is PepetoSwap, now in development, and it removes two costs at once. Coins stay in the trader’s own wallet, and orders pass through a private relay that stops bots from jumping ahead of them. Swaps carry a 0.00% fee, so only network gas is paid. A trader swapping $5,900 every Monday moves $306,800 a year and keeps the $920.40 Uniswap would charge, or the $767 PancakeSwap would take.
A scanner that tests each token with a simulated buy and sell, and a bridge with $0 fees across five chains, are being built beside it. Community members and the biggest backers get private testing access, and SolidProof has audited the contract and completed the team’s KYC.
A trader who pays no fee has a reason to come back, and each return runs through a token with a supply fixed at 420 trillion. That token sells for $0.0000001905 at this stage, while staking returns 160% APY, payable once trading begins.
Conclusion
Bitget’s network gives institutions a way around the risk behind Binance’s October loss, and bitcoin’s price that day shows buyers returned after the worst of that fear.
For anyone reading the crypto market news this week, the bigger opening sits with everyday traders, who still need a place to swap without handing over their coins, and Pepeto is building that place.
On October 15, 2018, the day Fidelity opened a crypto custody business for hedge funds, bitcoin held above $6,600. At its record above $126,000, each $1,000 bought that day became about $19,000, and holders who moved before the banks kept that gain. Anyone who missed that cycle has a second chance with Pepeto, at a stage price that climbs with every closed stage until the expected Binance listing.
Click To Visit Pepeto Website To Enter The Presale
Disclaimer:
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risk, including total loss of capital.
All market analysis and token data are for informational purposes only and do not constitute financial advice. Readers should conduct independent research and consult licensed advisors before investing.
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