Ethereum co-founder Vitalik Buterin called for self-storage of digital assets and wrote a post on Reddit about choosing a multisig wallet.
Self-custody is important. And social recovery and multisig is a great way to do it.
A quick reddit post on how I think about choosing guardians for social recovery and multisig wallets:https://t.co/FY1iyJ6BFC
— vitalik.eth (@VitalikButerin) March 17, 2023
Among the advantages of such a decision, Buterin noted the absence of personal responsibility for the entire security system and the risks of losing funds in the event of the collapse of a centralized structure, “which seemed to be trustworthy.”
He also recommended that custodians be tested at least once a year and selected based on their needs for reliability and speed in accessing funds.
In November 2022, Binance CEO Changpeng Zhao called for self-custody of crypto assets amid the collapse of FTX. He was supported by the ex-head of MicroStrategy Michael Saylor.
In December, the CEO of P2P bitcoin trading platform Paxful, Ray Yousef, spoke out in favor of self-storage of bitcoin instead of centralized exchanges.
Source: Cryptocurrency
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