15 ways crypto companies can be more transparent with customers

cointelegraph.com:

In the midst of a bear market, the last story the crypto industry wanted to see hit the headlines was the debacle at FTX. It’s a story centered on the biggest negative perception many in the public still have of the crypto industry: that transactions regularly happen out of public view for the benefit of a handful of bad actors and at the expense of customers.

Whether it’s fair or not, this negative reputation of crypto is something honest crypto leaders and companies will have to overcome, and the best way to do that is by ensuring current customers know what’s going on with the assets they’ve invested and that potential investors clearly understand the potential the industry offers. Below, 15 members of Cointelegraph Innovation Circle discuss ways crypto companies can provide improved transparency for their customers.

Cryptocurrency-based companies, as well as Web2 and traditional businesses looking at moving their models to blockchain, should use public ledgers and proof of reserves coupled with regular internal and external financial audits that are made public. – Steven Talbot, BHero

Crypto companies can provide improved transparency for their customers by promoting and encouraging the use of decentralized solutions such as noncustodial wallets. By using noncustodial wallets, customers are able to control their own private keys and have full ownership and control over their funds, reducing the risk of theft or fraud by third parties. – Erki Koldits, OÜ PopSpot

With so many mainstream ways for the public to become involved in crypto, we’re no longer just talking to the tech-savvy. Therefore, to improve transparency, crypto companies need to move beyond very technical language in their messaging so that mainstream