FTX, the collapsed cryptocurrency exchange platform founded by Sam Bankman-Fried (SBF), may have done more than just wipe the entire crypto market with billions worth of capitalization in just a matter of few days.
In the wake of one of the worst and most bemusing digital currency-related company implosions to date, Mastercard’s Grace Berkery is convinced that something good came out of the market-crippling event.
The startup engagement director for the payment processing firm believes the series of events involving FTX provides an opportunity for the industry and its participants to take a break and reset in order to better assess their next steps moving forward.
Moreover, Berkery is also adamant that this “setback” brought about by the FTX crash won’t be enough to dissuade institutional investors to continue exploring the ever-growing and extremely volatile crypto space.
Important Lesson Learned From The FTX Brouhaha
Speaking at an event with the topic “Status of Venture Funding in Crypto and Web3,” the Mastercard official showcased her optimism despite the bankruptcy filing of one of the world’s biggest exchange platforms.
Berkery stated that the encountered problems with FTX won’t be enough to make institutions completely avoid crypto.
Instead, she thinks the company’s circumstances taught investors to be more careful in choosing who they partner with, opting to partner with firms that sport proven track records and well-established community of customers.
“The focus is going to be less on buzzwords and hype in the space and more on what is the tangible value you’re adding as a company,” said Berkery.
She added that as far as institutional investors such as her company are concerned, it will be hard to disrupt the momentum they already have with their participation in the world of cryptocurrencies and so they’ll end up staying instead of backing out.
“I think it’s an opportunity and time to reset,” TechCrunch quoted the director as saying during the Future of Crypto Event hosted by Benzinga.
Mastercard Supports Crypto Industry
In all fairness, Berkery’s company, over the last few years, have proven it does support the digital currency sector, continuing to invest and engage in various initiatives to offer crypto trading for its clients.
Moreover, through partnership with Binance, Gemini and Nexo, the payment processing company was able to launch crypto cards – an innovative financial product that leverages their technology to provide better customer experience as far as crypto assets are concerned.
The startup engagement chief admitted that the institution she represents is confident about the underlying technology of the industry and is looking to take advantage of all developments that happen in the space.
Crypto total market cap at $810 billion on the daily chart | Featured image: Freepik, Chart: TradingView.com