FTX, the US-based crypto platform that succumbed to liquidity crunch and shook-up the crypto market in November, led to the wipe-off of nearly $200 billion (roughly Rs. 16,53,499 crore) from the market. The drastic reaction from investors who pulled back capital from digital assets left several crypto firms gasping for breath. As per Indian Web3 builders, this FTX collapse, despite its severity, must be seen as a ‘blessing in disguise' that has already begun to push for more finetuned financial structure around crypto that would slash its often-criticised element of volatility. “The companies that do not have a strong foundation and have strong investments will be flushed out,” said Tarusha Mittal, the COO and Co-Founder of Web3-focussed app store, Dapps and group farming and staking protocol, UniFarm. In conversation with Gadgets 360, Mittal said that crypto players and investors need to realise, now more than ever, that Web3 is all about decentralisation.The FTX collapse is goo...
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