Blockchain development will ensure the growth of cryptocurrencies

Sam Bankman-Fried, CEO of decentralized exchange FTX, believes that implementing effective legislation to regulate cryptocurrencies will attract corporate investment to the industry. Sam Bankman-Fried said innovations in the use of blockchain could lead to a stronger cryptocurrency market. He said blockchain has broad uses in terms of financial settlements, payments and social networks. It will take time for them to become widespread, but companies are working on it, Bankman-Fried noted. The FTX CEO is confident that clarity in the regulation of the crypto-asset market could attract capital from institutional investors to the industry,

“I think regulatory clarity will come to the industry. And it’s going to be tremendous and unlock the asset class for a number of institutions that have been looking for a way in but have been a little confused about doing it without clear federal oversight. So I think both of these exciting factors will make the market much stronger over the next few years,” said the head of FTX.

In July, Sam Bankman-Fried called blockchain a “breakthrough technology” because it could simplify payments, address the shortcomings of the stock market and revolutionize social networks. This month, Bloomberg Intelligence exchange strategist Mike McGlone said that Etherium’s move to PoS would have a revolutionary impact not only on cryptocurrencies, but also on the entire financial system.