FTX.US President Brett Harrison says crypto winter is disappearing as institutional demand increases
The president of crypto exchange FTX’s American arm says that new activity in the industry suggests that the crypto spring is near.
In a new interview with Bloomberg Technology, FTX.US President Brett Harrison was asked what he thought of the recent deal between Coinbase and BlackRock.
“It seems to me that the winter is starting to thaw … Prices are clearly going up, and what we’re actually seeing here [is] many of these forced liquidations in the market are beginning to end. No more news about various exchanges or lending platforms going under, Voyager returning funds, large unused venture capital starting to be distributed again…
And then, of course, this news coming out with Coinbase and with BlackRock showing that the institutional demand to be able to trade crypto through some of the more traditional, huge players in the market is not slowing down. Indeed, as they say, this is the time to build. People are obviously building now. And as we start to come out of this winter, and people are shopping again, the tools and the capital will be in place to do that.”
Asked to speculate on what mistakes led to Coinbase and Robinhood recently laying off large percentages of their workforce, the FTX.US president says,
“Looking across the growth tech sector, there are so many companies talking about either layoffs or hiring freezes. Everything from, yes, Coinbase and Robinhood, but also Google and Microsoft and Tesla…
I think there’s a real lesson here, which is that these growth companies that have typically operated under the model that headcount growth is a sign of company growth are realizing that sometimes actual headcount growth can get in the way of company growth.”
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