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HomeMarket UpdatesBlockchain did not fail, says Pantera's CEO on FTX collapse

Blockchain did not fail, says Pantera’s CEO on FTX collapse


  • Pantera Capital’s CEO says FTX’s collapse was not brought on by blockchain failure.

  • In a letter to traders, Dan Morehead stated there’s a want for trustless techniques within the ecosystem.

  • Enterprise within the blockchain area is transferring again to protected entities, Morehead added.

Blockchain shouldn’t be blamed for FTX’s collapse

Cryptocurrency alternate FTX collapsed in November following the mismanagement of buyer funds by Sam Bankman-Fried and his executives. Since then, the information of the collapse has dominated headlines, with regulators and legislatures in the USA at present speaking about one of the best ways to manage the market.

Nonetheless, whereas commenting on the occasion, Pantera Capital’s CEO, Dan Morehead, stated FTX’s collapse doesn’t imply that blockchain expertise has failed.

In a letter to traders just a few days in the past, Morehead stated blockchain didn’t fail. He added that there are regulated entities within the cryptocurrency area which are nonetheless working. He stated;

“There are exchanges like Coinbase, Kraken, and Bitstamp that, when a shopper sends cash to them, they simply put it in a financial institution. The answer is fairly simple. The narrative that blockchain skeptics and a few regulators and politicians are pumping out misses the purpose.  The collapse of FTX had nothing to do with blockchain expertise.  It’s not crypto that failed.  Bitcoin and all the opposite protocols labored completely.”

Along with centralised crypto alternate, Morehead added that decentralised protocols are nonetheless working high quality. The Pantera boss pointed towards decentralised exchanges like Uniswap, 0x, 1inch, Balancer and Dodo, stating that they proceed to work high quality.

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Secure entities at the moment are attracting companies within the area

Morehead added that enterprise within the cryptocurrency area is now going to protected and safe corporations. Cryptocurrency corporations have to be audited to make sure that their funds are high quality. The Pantera Capital CEO stated;

“Regulated, clear, onshore, and/or audited exchanges are seeing a dramatic enhance in market share.  That is basically getting again the shoppers who fled to offshore exchanges for extra property/doubtlessly unregistered securities supplied to commerce, extra leverage, and decrease charges.  Since October, the market share of exchanges like Coinbase, Kraken, Upbit, and Bitstamp has elevated 30 share factors.”

Morehead added that he hopes the pattern continues as that will guarantee the expansion of the broader cryptocurrency market. 

CoinsTeacher

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