There will be some ripple effect, he predicts, from the FTX crypto exchange’s demise.
CZ acknowledged putting aside roughly $1 billion initially to acquire troubled assets.
In an interview published on Thursday by Bloomberg, Binance CEO Changpeng Zhao “CZ” addressed a wide range of topics. There will be some ripple effect, he predicts, from the FTX crypto exchange’s demise for some time.
The CEO of Binance, Changpeng Zhao (CZ), predicted that the fall of FTX will have a contagion impact on the cryptocurrency market. Nevertheless, even if Genesis is unable to collect $500 million, the industry as a whole will ultimately bounce back.
The CEO stated:
“Whenever one big player goes down, especially a trading platform, there are many people and institutions with money on the platform. We have seen Genesis halting withdrawals, probably there will be one or two more. However, the cascading effect will become smaller. Overall, the industry is fine.”
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