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Pantera Capital\u2019s CEO says FTX\u2019s collapse was not attributable to blockchain failure.<\/p>\n<\/li>\n
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In a letter to traders, Dan Morehead mentioned there’s a want for trustless techniques within the ecosystem.<\/p>\n<\/li>\n
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Business within the blockchain area is shifting again to secure entities, Morehead added.<\/p>\n<\/li>\n<\/ul>\n
Blockchain shouldn\u2019t be blamed for FTX\u2019s collapse<\/strong><\/h2>\n
Cryptocurrency alternate\u00a0FTX collapsed<\/u><\/a> 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 within the United States at the moment speaking about one of the best ways to manage the market.<\/p>\n
However, whereas commenting on the occasion, Pantera Capital\u2019s CEO, Dan Morehead, mentioned FTX\u2019s collapse doesn\u2019t imply that blockchain know-how has failed.<\/p>\n
In a\u00a0letter to investors<\/u><\/a> a number of days in the past, Morehead mentioned blockchain didn\u2019t fail. He added that there are regulated entities within the cryptocurrency area which can be nonetheless working. He mentioned;<\/p>\n
\u201cThere are exchanges like Coinbase, Kraken, and Bitstamp that, when a client sends money to them, they just put it in a bank. The solution is pretty straightforward. The narrative that blockchain skeptics and some regulators and politicians are pumping out misses the point. \u00a0The collapse of FTX had nothing to do with blockchain technology. \u00a0It\u2019s not crypto that failed. \u00a0Bitcoin and all the other protocols worked perfectly.\u201d<\/em><\/p>\n
In addition to centralised crypto alternate, Morehead added that decentralised protocols are nonetheless working wonderful. The Pantera boss pointed towards decentralised exchanges like Uniswap, 0x, 1inch, Balancer and Dodo, stating that they proceed to work wonderful.<\/p>\n
Safe entities at the moment are attracting companies within the area<\/strong><\/h2>\n
Morehead added that enterprise within the cryptocurrency area is now going to secure and safe firms. Cryptocurrency firms have to be audited to make sure that their funds are wonderful. The Pantera Capital CEO mentioned;<\/p>\n
\u201cRegulated, transparent, onshore, and\/or audited exchanges are seeing a dramatic increase in market share. \u00a0This is essentially getting back the customers who fled to offshore exchanges for more assets\/potentially unregistered securities offered to trade, more leverage, and lower fees. \u00a0Since October, the market share of exchanges like\u00a0<\/em>Coinbase<\/u><\/em><\/a>, Kraken, Upbit, and Bitstamp has increased 30 percentage points.\u201d<\/em><\/p>\n
Morehead added that he hopes the pattern continues as that might guarantee the expansion of the broader cryptocurrency market.\u00a0<\/p>\n