I'm not sure why the comment was worded "some exchanges" but notably, this is the only way that a DEX (distributed exchange) can work. A DEX exchanges crypto di

I'm not sure why the comment was worded "some exchanges" but notably, this is the only way that a DEX (distributed exchange) can work. A DEX exchanges crypto directly on the blockchain between wallets/accounts via smart contract. These are literally just dapps (distributed apps) and no company needs to be involved; they are the most open exchanges of all.