Following the recent news that the top manager of the FTX crypto exchange and the CEO of Alameda Research have pleaded guilty to fraud, the crypto industry continues to lose its points. In 2022 we saw a lot of events that negatively affected cryptocurrency; undoubtedly, scandals of FTX and Alameda research brought their game. Contending with a series of scandals and bankruptcies, 2022 marked one of the biggest market collapses. Of course, we will see the consequences of these failures in 2023. This Isn't The End Even though crypto has endured several severe crises, it is still a game-changer in the global financial and monetary system. According to the total market cap of all crypto assets, including stablecoins and tokens, is almost 1 trillion $ as of January 2023. And I am convinced that this is not the limit. CoinMarketCap, As for high-profile scandals like Alameda and FTX, I see the problem from the beginning of their foundation. It is more accurate to deal with such platforms as speculative. Its value is based on instant income operations by quickly buying or selling digital assets. Now, I am committed to a more stable cryptocurrency, as well it has the trust of the digital currency community. Even though the leading crypto firms have collapsed, investors have not been particularly alarmed by this. Cryptocurrencies will only become more stable as traditional financial institutions use them, and many will continue to increase in value. As blockchain and cryptocurrencies continue to advance rapidly, their mass adoption in all spheres will only continue to grow. In this view, crypto enthusiasts aim to help people understand cryptocurrency and create a profitable long-term business in crypto. Crypto can solve the problem of opening a bank account and conducting all financial transactions through the local bank. We know how many issues companies can face, and the banking bureaucracy may constrain their opportunities. Careless governments' actions could result in currency value can crash by tens of percentage points in a single day. Examples are plentiful: Iran, Venezuela, and Belarus at one time. Let's say that crypto is more volatile, but some are proven more than others and maybe stable investments for the future. Using all the potential of the crypto industry, we don't need to 'play' crypto trading, and we have to solve people's problems with traditional payment systems. Payment gateways are more reliable and secure than dubious banks. FTX has invested in itself, which led to the total collapse, and the authorities are still trying to understand how cryptocurrencies are vulnerable to speculation. It has a significant impact on the industry and creates a bad image. People who are unfamiliar with the world of crypto become even more distant. So we're here to help by taking all those risks. Bankers lobby the government to loosen regulations, and the taxpayers are left with a costly mess to clean up when the banks fail. In the crypto world, things are different, so the question is: How carefully do you choose your provider and platform?

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Denys Ustymenko

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The Collapse of FTX and Its Impact on Crypto Payments

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Denys Ustymenko

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