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Binance CEO: FTX Collapse To Benefit Crypto Industry Eventually

It’s been just revealed that the CEO of Binance said that, all in all, the crypto industry will see benefits from the collapse of FTX. Check out the latest reports below which reveal the fact that this whole disaster can turn out to be less harmful than expected.

Binance CEO addresses the FTX collapse

Binance CEO Changpeng Zhao said that the FTX collapse is not going to destroy the crypto industry, but it is a setback.

In a new interview with CNBC, Zhao explained the fact that the FTX collapse that sent crypto markets trading downward and emboldened skeptics is only a temporary issue on the road to a healthier industry.

“This incident will set us back a bit, but then the industry will become healthier. So it’s actually better in the long run.”

CNBC asked Zhao if crypto projects are a “house of cards” and if price projections are overblown. The Coinbase CEO made sure to defend the integrity of the space, saying the technology holds great promise and the crypto market will only continue to grow with innovation.

“I don’t think it’s a house of cards. They are fundamental technologies that are much better than the tools we had to transact, to raise money, to do global payments, etc. They are fundamental technologies that are much better than the tools we had before. So it’s definitely not a house of cards.”

Binance in the news

Soccer icon Cristiano Ronaldo is launching his first non-fungible token (NFT) collection on Binance. This comes as part of a multi-year partnership with the world’s largest crypto exchange.

In a statement, Binance says the superstar athlete’s NFT collection will be available on its platform on Friday, November 18th. This is ahead of the FIFA World Cup Qatar 2022.

“Together with Ronaldo, we’ve planned an unrivaled NFT roadmap. For the first time ever, fans and collectors will have unprecedented access to the legend, from owning a piece of his footballing career to Binance-exclusive fan prizes and experiences.”

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