Matt Huang is the co-founder of cryptocurrency and Web3 investment firm Paradigm which had exposure to the bankrupt cryptocurrency exchange FTX. Huang has shared some of his thoughts in relation to the collapse of the once-prominent FTX.
“We are shocked by the revelations about FTX, Alameda, and SBF…We feel deep regret for having invested in a founder and company who ultimately did not align with crypto’s values and who have done enormous damage to the ecosystem.”
Huang further explained how Paradigm did have a small investment in FTX, which was written down to $0 after its collapse.
“We never traded on FTX and did not have any assets on the exchange. We have never been investors in related tokens such as FTT, SRM, MAPS, or OXY.”
The downfall of FTX has caused many to question crypto and what it will bring in the future. Huang believes that the transparency and security that decentralized finance brings will fix the issues which FTX had and its collapse will clarify what we are all building towards.
Despite the problems and negative situations, this has brought around for not just investment firms, but for everyday investors, Huang remains optimistic about the future and what the technology can enable.
“The coming weeks and months will be a tough time for crypto, but we remain optimistic about crypto’s potential and are committed to building towards the positive future we know it can enable.”
See Related: From Bad To Good To Worse: The Binance And FTX Saga