Nick Saponaro is CEO of The Divi Project, a blockchain startup committed to solving the usability problems in cryptocurrency. Nick oversees the development of Divi’s unique Proof of Stake blockchain, which launched in September 2018 with a user-friendly Smart Wallet and MOCCI (Masternode One-Click Cloud Installer). Divi’s proprietary technology makes it easy to earn, store, and transact cryptocurrency. A crypto investor since 2013, Nick’s programming expertise spans across multiple blockchain frameworks, such as Ethereum, HyperLedger and PIVX.
Chris Airola (Microsoft) and Joshua Caleb (The Blockchain Centre) join the Divi Project to accelerate growth. Nick Saponaro promoted to CEO.
Nick Saponaro, CEO of crypto made easy pioneer, Divi Project (biog below) comments on the collapse of FTX:
"FTX's collapse has sent shockwaves through the crypto industry at a time when it can least afford it. But it's the user that's going to be hit hardest. This latest collapse is more proof (if any was needed) that people need to understand the risks of using centralised exchanges. Exchanges like FTX, are not crypto or blockchain companies. They are essentially banks with less regulation, oversight, and, most importantly, responsibility to the consumers they serve."
"Users have a choice. They can allow a third party to take custody of their funds, or they can take control of their own funds through self-custody. Our mantra at Divi Labs is 'your keys, your coins'. I hope that more people come to understand the importance of it."
The first red flag was Coinbase making changes to its terms of service. Celsius and several others did the same. The bottom line, if you don't control your coins and keys, your assets are at risk. Not only are users cut off from their assets but like Coinbase, if Celsius was to go under, users would likely lose everything as the organization liquidates user funds to pay off creditors, cover leveraged positions, and socialize losses across the user base. Self-custody is no longer a choice but an imperative. How many times do people need to have the rug pulled from under them before they stop using centralized services? The whole point of crypto was to remove the middle-man and give back financial sovereignty to the individual, where it belongs. However, as long as people use centralized services, access to their money and digital assets will be at the whim of large corporations. Centralized exchanges and CeFi services are not crypto, or even blockchain companies. They are essentially banks with less regulation, oversight, and most importantly, responsibility to the consumers they serve. The crypto industry was birthed by a group of technologists and libertarians who were concerned about the direction of travel of the traditional financial system. They saw the potential that blockchain technology offered and set forth to create a democratic system of finance that obviates human intervention and can be accessed and consumed by anyone no matter where they live or the circumstances they find themselves in. To take back control, it’s vital that we move to self-custodial products and services that put us in full control of our digital assets and financial futures.
Chris and Joshua both bring valuable skills to the business and will be critical in achieving our mission to improve people’s lives by making crypto easy and accelerate its mainstream adoption. We have ambitious development and growth targets and a team who can make them a reality.