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ARK Invest founder and CEO Cathie Wood predicts that the high-profile FTX implosion will be a boon for one crypto sector.
wood To tell on Yahoo! A financial interview that the collapse of FTX and other cryptocurrency companies will boost decentralized finance (DeFi) networks.
We believe DeFi will actually be boosted by this as it is now so clear that decentralization and transparency are the way forward.
These networks didn’t skip a beat. Their trades are all done and they have all sorts of indicators that they are going strong now. “
According to Wood, decentralized networks will become increasingly important in the financial services industry after the collapse of FTX, crypto lender Celsius and digital asset hedge fund Three Arrows Capital (3AC).
Thanks to FTX, what we are learning is how a fully transparent decentralized network will be important for the future of financial services.
FTX, Celsius and 3AC were all closed networks. opaque system. I couldn’t see what was going on. “
Wood emphasized that users of the decentralized network were able to exit and exit trading positions without issue after the cryptocurrency price plummeted in the aftermath of the collapse of a centralized cryptocurrency company. I’m here.
“And what happened, they [centralized crypto firms] People who were connected to the fully transparent decentralized network escaped without incident.
They saw what was happening. There were margin calls for those who were over-leveraged.
But the system worked. It didn’t skip a beat. Those other companies went bankrupt. “
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