Mastercard Chief Sees Crypto Market ‘Resetting’ After Crypto Exchange Collapse

[ad_1]

FTX, the collapsed cryptocurrency exchange founded by Sam Bankman-Fried (SBF), may have done more than just wipe out the entire crypto market with billions in capitalization in just days .

Following one of the worst and most baffling digital currency business implosions to date, Mastercards Grace Berkery is confident that something good has come out of this market crippling event.

The payment processor’s startup engagement director believes the series of events involving FTX provides an opportunity for the industry and its participants to pause and reset to better assess their next steps forward. the future.

Moreover, Berkery is also adamant that this setback caused by the FTX crash will not be enough to deter institutional investors from continuing to explore the ever-growing and extremely volatile crypto space.

Important lesson learned from the FTX Brouhaha

Speaking at an event themed Status of Venture Funding in Crypto and Web3, the Mastercard executive showed optimism despite one of the world’s largest exchanges filing for bankruptcy.

Berkery said the problems with FTX won’t be enough to make institutions avoid crypto altogether.

Instead, she believes the circumstances of the business have taught investors to be more careful about who they partner with, opting to partner with proven companies and a community of customers. well established.

Image: TechCrunch

The focus will be less on buzzwords and hype in the space and more on the tangible value you add as a business, Berkery said.

She added that as far as institutional investors such as her company are concerned, it will be difficult to disrupt the momentum they already have with their participation in the cryptocurrency world and so they will end up sticking around instead of backing down.

I think this is an opportunity and a time to reset, said TechCrunch, quoting the director, at the Future of Crypto event hosted by Benzinga.

Mastercard supports the crypto industry

In all fairness, the Berkerys company, over the past few years, has proven that it stands behind the digital currency industry, continuing to invest and engage in various initiatives to bring crypto trading to its clients.

Additionally, through a partnership with Binance, Gemini, and Nexo, the payment processor was able to launch Crypto Cards, an innovative financial product that leverages their technology to provide a better customer experience when it comes to crypto assets. .

The startup engagement manager admitted that the institution she represents is confident in the industry’s underlying technology and seeks to capitalize on any developments happening in the space.

Total Crypto Market Cap At $810 Billion On Daily Chart | Featured Image: Freepik, Chart: TradingView.com

[ad_2]