What the FTX collapse means for the crypto and gaming industries
For the past week, FTX, the world’s third-largest cryptocurrency exchange, has been in bankruptcy proceedings in the US court system with many investors unable to withdraw their funds.
The full impact of this disaster is yet to be known, but many are asking… what does this mean for the gaming and wider crypto communities?
Well, I’m not a financial expert and Stake isn’t a finance business, but I believe that like the market crashes we’ve seen before, in crypto and in the wider economy, as a whole the crypto community can build back better from this latest setback.
The age-old question of ‘How did no-one see this coming?’ is still good one and will definitely have people looking to better regulation to protect customers. We might not have all the facts yet, but I’m behind anything that looks after customers and helps crypto to recover.
We shouldn’t ignore the crypto winter that currently exists. Yes, there has been exponential growth in within the crypto industry over the past decade, but we can’t ignore recent setbacks and issues in the crypto space.
I believe that further innovation, the very thing that created cryptocurrency and that has fuelled the success of the crypto and gaming industries, holds the key to unlocking crypto’s real potential. We need to innovate beyond the traditional community and welcome new members. Simplicity on this front is essential as we need to attract those often alienated by the crypto world.
As we all know, crypto is not going anywhere. The truth of the matter is that every financial system experiences setbacks, and the FTX collapse is the latest, albeit major example of this. The crypto industry must learn from this, adapt and move on whilst incorporating significant changes that further protect Gen C in the future.
At Stake, we have a commitment to develop and invest in new games for our players which are powered by blockchain technology and developed for the crypto community. Our player’s interests, enjoyment and security must always come first.
Likewise, we will always ensure that it is as simple as possible for players to rapidly deposit and withdraw funds on our platform in a secure manner. Particularly in these more difficult times, it is our priority to empower our customers to feel that they are not only having the best experience, but also feel that they are in control.
As a community, Gen C are hurting in many ways as the existing global financial climate has trickled down into the world of crypto. I am sure the crypto community will come together once more to find lasting solutions to existing issues, persevering and driving forward as they have always done.
These positive changes will subsequently translate over into the ever-changing gaming world, enabling both industries to continue working in unison to develop transformative and innovative products.
Crypto’s power and potential is much like many technological innovations of our time. Take the smartphone for instance. Ignored and ridiculed by many when it first manifested and now used and relied upon by billions every minute.
Crypto is going nowhere. Blockchain gaming is here to stay.
Ed.
