OpenSea CEO: The Crash of FTX Will Help Reshape Crypto Industry

The collapse of FTX exchange in November was a “tragic event” for the industry, but also opened up the possibility of reshaping it with a focus on trust and further decentralization, as stated by Devin Finzer, CEO of OpenSea.

He has said:

“We are all feeling collateral damage across the industry. There is no doubt that this is a setback for the crypto industry.”

He claims the NFT platform has not interacted with FTX or related trading company Alameda Research.

However, the bankruptcy of the exchange affected almost a half of all industry participants. In particular, FTX and related companies owed $3.1 billion to the top 50 creditors.

The OpenSea CEO has said:

“I think for the wider crypto ecosystem and NFTs in particular, this crisis is a real opportunity to invest in strong and ongoing user trust.”