Some market participants are unconcerned about how the FTX meltdown will affect institutional interest in cryptocurrency. Grace Berkery, director of startup engagement at payment processing firm Mastercard, believes FTX’s demise will ultimately benefit the industry.
Grace Berkery, director of startup engagement at Mastercard, said at Benzinga’s Future of Crypto event:
“It’s an opportunity, but it’s a good time to reset. Right now, people should put their heads down and build. You will be better off in the long term.”
Mastercard is no stranger to the crypto business, having supported it for years through investments and efforts such as connecting banks to enable clients with the opportunity to trade crypto. It has also collaborated with cryptocurrency startups such as Binance, Nexo, and Gemini to develop Mastercard-affiliated crypto cards.
“At Mastercard, we take a partnership-first approach. We aren’t the experts in the space,” Berkery said.
She went on to say that investors may see NFTs and metaverse ventures as a huge possibility, especially if these initiatives increase client involvement and loyalty.
Andra Nicolau, Origin Protocol’s head of business development, agreed, pointing out the difference in investor sentiments toward blockchain initiatives between 2022 and 2021.
“Last year we raised about $300 million. At some point, you just sit back and watch the money coming in. This year is completely different. Investors are being incredibly selective and careful in their due diligence,” Nicolau said.
Matt Higgins, co-founder and CEO of RSE Ventures, and Greg Carson, head of Corporate Development and Ventures at XBTO Group, agreed that companies should focus on gaining organic traction and collecting customers before raising financing.
Higgins concluded:
“I’ve never had more FOMO. The charlatans are leaving the space.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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