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CeFi (centralized finance)
Market structures

CeFi (centralized finance)

Financial services that use blockchain infrastructure but operate through centralized institutions rather than autonomous smart contracts. A crypto exchange where a company holds your assets is CeFi. It sits between TradFi and DeFi.

TradFi equivalent
In traditional finance...
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TradFi equivalent
A traditional brokerage or custodian. Your assets are held by an institution on your behalf. You trust that institution to safeguard them and execute your instructions.
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Analogy
In everyday terms...
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Analogy
A safety deposit box at a bank. The box uses the bank's vault and security. You have a key, but the bank controls access to the building.
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