Pantera CEO on the FTX collapse: Blockchain didn’t fail

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With the FTX alternate being highlighted everywhere in 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 actually work. 

In accordance with the chief, 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, resembling regulated exchanges and decentralized exchanges.

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 straightforward. He wrote: 

“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.”

Other than regulated exchanges, Morehead additionally believes that the decentralized finance house additionally labored nicely. Particularly, the Pantera CEO pointed towards decentralized exchanges like Uniswap, 0x, 1inch, Balancer and Dodo.

In accordance with Morehead, enterprise within the blockchain house is transferring again to secure entities like such. The chief argued that FTX had nothing to do with blockchain’s promise, highlighting that “blockchain did not fail.”

Associated: What blockchain analysis can and can’t do to find FTX’s missing funds: CEO

With the FTX collapse grabbing the eye of regulators across the globe, investing platform Superhero canceled its merger with the crypto alternate 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 firms.

In the meantime, the previous FTX CEO Sam Bankman-Fried has signed extradition papers and will probably be flown to the USA as he faces legal expenses. The previous FTX CEO will face expenses regarding wire fraud, conspiracy to commit cash laundering, marketing campaign finance violations and conspiracy to commit wire, commodities and securities fraud.