Centralized finance (CeFi) is frequently regarded as a link between traditional finance (TradFi) and modern financial applications such as blockchain and financial technology (FinTech). CeFi enterprises typically employ a centralized governing body that manages the funds of their customers. Although there are numerous interpretations of what CeFi entails, centralized exchanges (CEXs), cryptocurrency asset custodians, and numerous FinTech applications such as payment service providers are commonly regarded as CeFi. CeFi service providers are frequently characterized as simple to use, heavily regulated, and with low fees. They are, however, vulnerable to a single point of failure due to their centralized nature.