Citigroup: DEXes Are Attracting More Users

According to a report from Citigroup, decentralized crypto exchanges or DEXes have strengthened their positions in the market and have started to attract more users. As a result, their competition with centralized exchanges has intensified.

Many Internet users prefer to switch to DEX, as such sites do not require verification, which allows them to remain anonymous when exchange crypto assets.

DEX is a blockchain application whose users can perform operations with digital currencies according to algorithms and without mediation from the platform itself.

A centralized exchange, on the other hand, acts as an intermediary between buyers and sellers of cryptocurrencies. Compared to Binance, for example, decentralized platforms offer better conditions for traders. In addition, transactions can be concluded with minimal commissions.