Thursday, February 9, 2023

FTX Token caused downfall, but tech still revolutionary By Cointelegraph

BlackRock CEO: FTX Token caused downfall, but tech still revolutionary

The CEO of the worlds largest asset management firm, BlackRock (NYSE:), believes that the reason why FTX failed is because it created its own (FTT), which was centralized and therefore at odds with the “whole foundation of what crypto is.”

Larry Fink, who serves as chairman and CEO of the $8 billion investment company — made the remarks during New York Times’ 2022 Dealbook Summit held on Nov. 30, and added that despite his belief that FTX’s own-created token caused its downfall, he believes that crypto and the blockchain technology which underpins it will be revolutionary.

BlackRock CEO Larry Fink speaking at the 2022 DealBook Summit. Source: New York Times.