CEO of ARK Invest Katie Woodstated that the collapse of the FTX exchange would be positive for an industry in the crypto industry.
Yahoo! Participating in an interview on Finance channel, Cathie Wood stated that the collapse of FTX and other crypto firms will strengthen the DeFi (decentralized finance) industry.
“We believe DeFi will actually get a boost from this situation because now decentralization and transparency are critical. These networks did not even experience any problems. All its transactions and assets are still standing firm. They also have all kinds of transparency.”
According to Wood, FTXDecentralized networks will become increasingly important in the financial services industry following the bankruptcies of Celsius and Three Arrows Capital.
“I think what we learned after the FTX collapse is how important fully transparent decentralized networks will be for financial services in the future. FTX, Celsius, 3AC were all closed networks. You couldn’t see what was going on.
While centralized crypto firms are sinking, those in the transparent DeFi sector are moving smoothly. Now everything is clear and you can see what is going on.”
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