Coinbase Exec Says Institutional Buyers Nonetheless Into Crypto Submit-FTX
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Institutional traders seem to have a steadfast curiosity in crypto, David Duong, head of institutional analysis at crypto alternate Coinbase, advised CoinDesk TV’s “First Mover” on Monday.
“The secular development for institutional adoption hasn’t modified … it’s nonetheless right here,” Duong mentioned about whether or not the implosion of the FTX crypto alternate based by Sam Bankman-Fried soured investor curiosity.
FTX and Alameda Analysis, an affiliated hedge fund, collapsed in November after a CoinDesk report revealed that Alameda was largely being propped up by FTT, a digital token that FTX created out of skinny air.
Duong mentioned even within the midst of the FTX debacle that got here on high of the crypto winter, institutional traders have acknowledged that “these are cyclical developments.”
Buyers “are nonetheless right here,” and are prepping for the following cycle by seeking to “lay the inspiration obligatory to have the ability to commerce,” he mentioned.
Learn extra: FTX Creditor List Features Netflix, Binance, Wall Street Journal