Coinbase Exec Says Institutional Investors Still Into Crypto Post-FTX
Institutional investors appear to have a steadfast interest in crypto, David Duong, head of institutional research at crypto exchange Coinbase, told CoinDesk TV’s “First Mover” on Monday.
“The secular trend for institutional adoption hasn’t changed … it’s still here,” Duong said about whether the implosion of the FTX crypto exchange founded by Sam Bankman-Fried soured investor interest.
FTX and Alameda Research, an affiliated hedge fund, collapsed in November after a CoinDesk report revealed that Alameda was largely being propped up by FTT, a digital token that FTX created out of thin air.
Duong said even in the midst of the FTX debacle that came on top of the crypto winter, institutional investors have recognized that “these are cyclical developments."
Investors “are still here,” and are prepping for the next cycle by looking to “lay the foundation necessary to be able to trade," he said.