Crypto Exchange
Also called: CEX, centralized exchange, Coinbase, Binance
A centralised crypto exchange matches buyers and sellers on its own order book and typically holds customer assets. It offers deep liquidity, fiat on-ramps and a familiar interface, in exchange for being a custodian, a counterparty and a single point of failure. Proof-of-reserves attestations emerged after FTX and prove assets exist without proving liabilities don't exceed them.