FTX Implosion Will Massively Boost One Crypto Sector

FTX implosion will be able to boost one crypto sector, according to the latest predictions. Check out the latest reports below.

It’s been just revealed that ARK Invest founder and CEO Cathie Wood is predicting that the high-profile implosion of FTX will be a boon for one crypto sector.

Wood said in a recent interview that the collapse of FTX and other crypto firms will boost decentralized finance (DeFi) networks.

“We do believe DeFi will actually get a boost coming out of this because it’s so obvious now – decentralized and transparent is the way to go.”

She continued and said this:

“Those networks didn’t skip a beat. All of their transactions were completed, and there are all kinds of metrics saying they’re getting stronger now.”

She also believes that decentralized networks will become increasingly important in the financial services industry after the bankruptcies of FTX, crypto lender Celsius and digital asset hedge fund Three Arrows Capital (3AC).

“I think what we’re learning because of FTX is how much more important fully transparent decentralized networks will be to financial services going forward.”

She continued and explained this:

“FTX, Celsius, 3AC were all closed networks. Opaque systems. You couldn’t see what was going on.”

Disgraced FTX founder Sam Bankman-Fried has recently addressed the amounts that creditors of the embattled crypto exchange will receive in compensation.

In a new interview with YouTuber Tiffany Fong, Bankman-Fried says that creditors of the FTX platform designated for United States residents, FTX.US, will get fully compensated.

It’s also worth noting the fact that the creditors of the FTX platform that serves the rest of the world, FTX.com, will only get a fraction of what they are owed.

Check out our previous article in order to learn more details.