# Addressing the Challenges of Centralized Finance The prevailing centralized financial systems, while serving as the backbone of global commerce, are fraught with limitations and vulnerabilities that undermine user autonomy, financial equity, and transactional security. These challenges include a lack of transparency in transaction processes, exorbitant fees imposed on users, and systemic barriers that exclude significant portions of the global population from participating in the financial ecosystem. Furthermore, the centralized nature of these systems makes them susceptible to security breaches, putting users' assets at risk. * Collapse of centralized exchanges has led to aggressive adoption of self-custody wallets. * $150 million of DEFI enthusiasts funds were lost in FTX collapse. The funds got trapped while sent to convert from Crypto to Fiat. * Users of self-custody wallets are seeking infrastructure that keeps them in control of their keys & coins as they convert their fiat to crypto & vice versa * Decentralized crypto is the future as all services provided by centralized exchanges will be available in decentralized formats, CEX will eventually evaporate. * The world’s unbanked seek platforms that will provide seamless access to the Crypto space --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://bybarter.gitbook.io/bybarter/introduction/addressing-the-challenges-of-centralized-finance.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.