In a recent interview, the president of FTX.US, Brett Harrison, detailed why he feels crypto winter may soon be over.
Harrison was questioned during an interview with Emily Chang, the host of the daily program “Bloomberg Technology,” about a new partnership between Coinbase and BlackRock, the world’s largest asset manager by total AUM.
Earlier this month, on August 4th, Coinbase’s Head of Coinbase Institutional Brett Tejpaul and Head of Coinbase Institutional Product Greg Tusar released a blog post titled “Coinbase and BlackRock to provide new entry channels for institutional crypto adoption by linking Coinbase Prime and Aladdin.”
According to the rest of the blog post, “Coinbase is teaming with BlackRock, the world’s biggest asset manager, to enable institutional customers of Aladdin®, BlackRock’s end-to-end investment management platform, with immediate access to crypto, beginning with bitcoin, via connection with Coinbase Prime.” Coinbase Prime will offer crypto trading, custody, prime brokerage, and reporting to Aladdin’s institutional customers.
According to a report by The Daily Hodl, the president of FTX.US said that the purchase indicated that the crypto winter was “beginning to thaw,” citing the enormous influence of institutional demand for crypto assets. He said now was “the time to grow” to have the necessary tools and cash when investors resume heavy cryptocurrency trading.
Harrison also cited the growing values of crypto assets throughout the market, the end of forced liquidations, and the demise of crypto businesses. According to him, the combination of increasing prices and optimistic emotion seems to be adding to the narrative that the crypto winter is coming to an end.
Harrison was also questioned about the recent layoffs at Google, Microsoft, and established tech companies like Coinbase and Robinhood, to which he responded:
I believe there is an important lesson to be learnt here, namely that these growing firms, who have generally operated under the concept that personnel expansion is an indication of company development, recognise that headcount growth may sometimes hinder company growth.
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