Pantera CEO on the FTX collapse: Blockchain didn’t fail
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 actually work.
In accordance with the manager, narratives that query blockchain and name it a failure due to the FTX collapse are mistaken. The Pantera CEO argued that there are a number of issues in crypto that work, resembling regulated exchanges and decentralized exchanges.
“When 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 secure 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 distinct strategy 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 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 shifting again to secure 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 may’t do to search 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 mentioned 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 might be flown to the US as he faces prison 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.