BlackRock CEO: FTX Token caused downfall, but tech still revolutionary
Cointelegraph
Published Dec 01, 2022 12:55AM ET
Updated Dec 01, 2022 02:40AM ET
The CEO of the worlds largest asset management firm, BlackRock (NYSE:BLK), believes that the reason why FTX failed is because it created its own FTX Token (FTT), which was centralized and therefore at odds with the “whole foundation of what crypto is.”
Larry Fink, who serves as chairman and CEO of the $8 billion investment company — made the remarks during New York Times’ 2022 Dealbook Summit held on Nov. 30, and added that despite his belief that FTX's own-created token caused its downfall, he believes that crypto and the blockchain technology which underpins it will be revolutionary.
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Written By: Cointelegraph
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