JAKARTA When the FTX exchanges are highlighted around the world of finance due to bankruptcy, trust in crypto space now seems to be decreasing. However, the CEO of Pantera Capital, Dan Morehead, believes that there are two areas in crypto that actually work.
According to this executive, the narrative that questions blockchain and calls it a failure due to the FTX's collapse is false. The CEO of Pantera argues that there are several things in crypto that work, such as regulated exchanges and decentralized exchanges.
“If you can’t trust FTX who can you trust?!”The two-pronged answer is:Regulated exchanges work great e.g. @coinbase, @BitstampDeFi works great, specifically DEXs e.g. @Uniswap, @Balancer, @BreederDodoBusiness is moving back to safe entities.More: https://t.co/Ph0i9IuS9h pic.twitter.com/9E1v1fs0gO
— Dan Morehead (@dan_pantera) December 20, 2022
In a letter to investors, Morehead stated that while critics of crypto and skeptical regulators expressed the need for a different approach in blockchain trading, he offered a simple solution.
There are exchanges like Coinbase, Kraken, and Bitstamp which, when clients send them money, they just put it in the bank. The solution is quite easy," Morehead said as quoted by Cointelegraph.
Despite the regulated exchange, Morehead also believes that decentralized finance spaces are also functioning properly. In particular, the CEO of Pantera points towards decentralized exchanges such as Uniswap, 0x, 1inch, Balancer and Dodo.
According to Morehead, businesses in blockchain space move back to secure entities. The executive argues that FTX has nothing to do with blockchain promises, highlighting that blockchain doesn't fail."
With the collapse of FTX attracting regulators around the world, the 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 would cancel the merger and continue as a separate company.
Meanwhile, former FTX CEO Sam Bankman-Fried signed an extradition letter and will be flown to the United States where he faces criminal charges related to wire fraud, conspiracy to commit money laundering, breach of campaign funds and conspiracy to commit wire fraud, commodities and securities.
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