According to David Duong, head of institutional research at crypto exchange Coinbase, institutional investors’ interests in crypto remain unchanged, despite the FTX debacle.
“The secular trend for institutional adoption hasn’t changed … it’s still here,” Duong said while speaking to CoinDesk TV’s “First Mover” on Monday about whether the downfall of Sam Bankman-Fried FTX exchange implosion of the FTX crypto exchange lessened institutional investors interests in digital assets.
FTX collapse in November was one of the most recent shocks in the crypto industry, with the exchange being the second largest crypto exchange, only second to Binance, by trading volume, it led to a notable drop in the exchange rate of Bitcoin and the entire crypto market.
Dong furthered that the FTX event is viewed as a “cyclical development” by Institutional investors, adding that investors “are still here” and looking up to the next cycle by looking to “lay the foundation necessary to be able to trade.”
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