[CMC Playbook] 🔎 In the aftermath of the FTX collapse, close to a dozen other crypto firms have either buckled or are struggling to stay afloat. dragonfly_xyz looks at the path forward for VCs & their potential developments in the future 👇
In November 2022, the crypto industry suffered arguably the biggest shock of the year, when the Bahamas-based cryptocurrency exchange FTX collapsed following the major mismanagement of funds.
Backed by industry heavyweights like Paradigm, Sequoia Capital, and Blackrock, as well as the massive Singapore sovereign wealth fund Temasek, FTX managed to raise more than $1.5B at a valuation of $32 billion by January 2022. Unfortunately, this allowed him and FTX to simply shirk off investors who asked too many questions. With the media continually blowing up SBF’s ego, a mythology formed around him. This has crowded out the proper due diligence process that should have been carried out.
On the demand side, most institutional traders are now demanding Proof of Reserves , a cryptographic method by which exchanges can prove their assets on hand match their liabilities. Many exchanges have begun offering this already, and it’s likely this will become a standard industry practice going forward.
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