With the FTX trade being highlighted all around the world of finance, belief within the crypto house appears to dwindle. Nonetheless, Pantera Capital CEO Dan Morehead believes that there are two areas in crypto that really work.
In response to the manager, narratives that query blockchain and name it a failure due to the FTX collapse are unsuitable. The Pantera CEO argued that there are a number of issues in crypto that work, akin to regulated exchanges and decentralized exchanges.
“Should you can’t belief FTX who are you able to belief?!”
The 2-pronged reply is:
Regulated exchanges work nice e.g. @coinbase, @Bitstamp
DeFi works nice, particularly DEXs e.g. @Uniswap, @Balancer, @BreederDodo
Enterprise is shifting again to protected entities.
Extra: https://t.co/Ph0i9IuS9h pic.twitter.com/9E1v1fs0gO
— Dan Morehead (@dan_pantera) December 20, 2022
In a letter to traders, Morehead highlighted that whereas crypto detractors and skeptical regulators need are purporting the necessity for a special method in blockchain buying and selling, the answer is easy. He wrote:
“There are exchanges like Coinbase, Kraken, and Bitstamp that, when a consumer sends cash to them, they simply put it in a financial institution. The answer is fairly easy.”
Aside from regulated exchanges, Morehead additionally believes that the decentralized finance house additionally labored properly. Particularly, the Pantera CEO pointed towards decentralized exchanges like Uniswap, 0x, 1inch, Balancer and Dodo.
In response to Morehead, enterprise within the blockchain house is shifting again to protected entities like such. The manager argued that FTX had nothing to do with blockchain’s promise, highlighting that “blockchain did not fail.”
Associated: What blockchain evaluation can and might’t do to seek out FTX’s lacking funds: Blockchain.com CEO
With the FTX collapse grabbing the eye of regulators across the globe, investing platform Superhero canceled its merger with the crypto trade Swyftx. In a letter to its customers, Superhero stated that due to the present atmosphere, the agency will unwind the merger and transfer on as separate corporations.
In the meantime, the previous FTX CEO Sam Bankman-Fried has signed extradition papers and can be flown to america as he faces felony prices. The previous FTX CEO will face prices regarding wire fraud, conspiracy to commit cash laundering, marketing campaign finance violations and conspiracy to commit wire, commodities and securities fraud.
