After FTX, the third largest exchange in the world, filed for bankruptcy last week, the market was thrown into massive disarray.
Changpeng 'CZ' Zhao, the CEO of the largest altcoin exchange, said on Monday that people are jittery about what is happening in the industry. It is painful for a short period of time. I believe this is good for the industry.
Many people have money stuck with FTX and there will be pain. He said that market conditions should get better.
He said that the industry is not going away.
Last week, a number of exchanges, including OKX, said they would start publishing proof-of-reserves in order to assure customers that their funds are safe. The importance of transparency was emphasized by the man last week.
Proof-of-reserves are independent audits that aim to provide transparency and evidence that a custodian holds the assets it claims to own on behalf of its clients
According to Sergey Nazarov, co- founder of Chainlink, these exchanges join other businesses that have used PoR for a long time to prove billions of dollars in value.
We are increasing transparency in the industry, we are increasing security in the industry, and we are increasing communication with regulators all around the world. Five years from now, I believe the industry will be better.
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