Pantera CEO on FTX collapse: Blockchain didn’t fail
#Pantera #CEO #FTX #collapse #Blockchain #didnt #fail Welcome to InNewCL, here is the new story we have for you today:
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With the FTX exchange being highlighted across the financial world, confidence in the crypto space seems to be waning. However, Pantera Capital CEO Dan Morehead believes there are two areas in crypto that are really working.
According to the executive, narratives questioning blockchain and calling it a failure because of the FTX collapse are false. Pantera’s CEO argued that there are several things in crypto that work, such as: B. regulated exchanges and decentralized exchanges.
“If you can’t trust FTX, then who can you trust?!”
The two-pronged answer is:
Regulated exchanges work great, e.g @coinbase, @Bitstamp
DeFi works great, especially DEXs, e.g @uniswap, @Balancer, @BreederDodo
Business is shifting back to secure units.
More: pic.twitter.com/9E1v1fs0gO
— Dan Morehead (@dan_pantera) December 20, 2022
In a letter to investors, Morehead emphasized that while crypto critics and skeptical regulators claim the need for a different approach to blockchain trading, the solution is simple. He wrote:
“There are exchanges like Coinbase, Kraken, and Bitstamp that when a customer sends them money, they just deposit it into a bank. The solution is pretty simple.”
Aside from regulated exchanges, Morehead also believes the decentralized finance space has worked well as well. Specifically, Pantera’s CEO pointed to decentralized exchanges like Uniswap, 0x, 1inch, Balancer, and Dodo.
According to Morehead, business in the blockchain space is shifting back to such secure entities. The executive argued that FTX had nothing to do with the promise of blockchain, emphasizing that “blockchain has not failed.”
Related: What Blockchain Analysis Can and Cannot Do to Find FTX’s Missing Funds: Blockchain.com CEO
With the collapse of FTX drawing the attention of regulators around the world, investment platform Superhero canceled its merger with crypto exchange Swyftx. In a letter to its users, Superhero said that due to the current environment, the company will reverse the merger and continue as separate companies.
Meanwhile, former FTX CEO Sam Bankman-Fried has signed extradition papers and will be flown to the United States as he faces criminal charges. The former FTX CEO will face charges of fraud, conspiracy to commit money laundering, campaign finance violations and conspiracy to commit wire, commodity and securities fraud.
