Cryptocurrency exchange Huobi UK CCO, Josh Goodbody, reacted strongly to the statement from Vitalik Buterin, co-founder of Ethereum, on decentralized exchanges. Though the exchange is working towards a decentralized solution, the executive found the comment to be “visceral.”

Goodbody termed it as “taking it too far” when Buterin said that “centralized exchanges (should) go burn in hell.” The decentralized concept is in the nascent stage and is used extensively by crypto platforms. However, others are also exploring the benefits of using the solution.

During a recent TechCrunch session, Buterin uttered that he hoped centralized exchanges would burn in hell. Aside from that, he also went on to say that there was no need for paying a listing fee $10 to $15 million to these exchanges.

The Ethereum co-founder thinks that, if the centralized exchanges managed to survive, it would be due to the fact they can bridge the gap between the fiat currency and digital coins. Buterin is of the view that users have the upper hand if they engage in crypto-to-crypto or peer-to-peer transactions.

Goodbody does not believe that there is scope for only one type of exchange. He said:

 “There’s a case for both centralized and decentralized exchanges, and they have their own pros and cons. To say that everything should be decentralized is quite a broad statement. We’re always on the edge of our seats to see what says next and his soundbites are always quite good.”

Goodbody reiterated that Huobi wants to become a complete decentralized exchange that uses proprietary protocols. At the same time, he admitted that there were failures in the past and pointed out that there weren’t enough investments to develop a robust infrastructure for security.

Goodbody emphasized the need for exchanges to strengthen their systems and infrastructure. He is also of the view that not everyone is keen on holding their own private keys.

Therefore, he said that, if a reputed market participant launches decentralized exchanges, that itself will be a favorable development for the industry.

The Huobi COO drew attention to many thefts happening in the crypto space. In the current year alone, more than $1 billion worth of cryptocurrencies were stolen by hackers. Therefore, Goodbody thinks that, if the industry is to mature, then investors should have the confidence in the infrastructure of decentralized exchanges.

Huobi Exec Josh Goodbody Talks About Need for DEXs was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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