Despite the collapse of FTX, which was a major player in a multi-billion dollar industry, CZ assures that the crypto is doing well. The ecosystem will certainly go through a period of trough, but the crypto itself does not need any kind of rescue.
Crypto and success: There is no secret, it takes healthy companies
CZ, the CEO of Binance, has once again spoken out on post-FTX crypto. On Twitterhe persists and signs, “Crypto is doing well”. Many are indeed wondering about the health of the industry and the viability of the ecosystem in the long term after the collapse of FTX. For CZ, crypto itself is not at issue. It is how the leaders of crypto companies lead the dance that determines success or failure.
For CZ, SBF shot itself in the foot by embezzling billions of dollars from the funds of its investors and FTX users. The business was not healthy. This is what caused his downfall. This incident will set the industry back for a while, but it will quickly bounce back. The reason is simple: the crypto market has enormous growth potential.
CZ calls for federation of crypto players
CZ has been accused of playing a role in the collapse of FTX. More specifically, it would be his November 6 tweet announcing that Binance was liquidating its FTT tokens that would have sparked the fire. But for the CEO of Binance (the largest digital currency exchange by trading volume), a simple Tweet cannot destroy a healthy crypto business. CZ reminds that crypto is based on solid technological foundations, unlike Ponzi schemes and other manipulations.
For CZ, the federation is the key to a quick recovery. For its part, it is ready to inject liquidity into the “good projects” in trouble, in his words. By staying true to key crypto principles, he is confident that federating all players will help rebuild the industry. “We want multiple exchanges, multiple blockchains, multiple wallets, etc. coexist in the ecosystem”he says.
In the wake of the market depression, there are still investors and entities that trust cryptocurrencies. CZ is one of them. For him, recovery (and success) just relies on good foundations and mutual support between ecosystem stakeholders.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
