homecryptocurrency NewsTokenomics: Getting ready for prime time as a crypto community, says Polygon Co Founder
Tokenomics: Getting ready for prime time as a crypto community, says Polygon Co-Founder
The global crypto market has seen a massive sell-off. This being the year of the crypto winter, the market cap has declined from $3 trillion to $825 billion and post the FTX crash more declines have been witnessed.
The world's second largest crypto exchange, FTX crashed earlier last week, a huge blow to the crypto market globally.
The global crypto market has seen a massive sell-off. This being the year of the crypto winter, the market cap has declined from $3 trillion to $825 billion and post the FTX crash more the declines have been witnessed.
According to reports, the US Justice Department, the Securities and Exchange Commission and the Commodity Future Trading Commission is now investigating how the exchange handled customer funds.
The failure of FTX has raised many questions. Is there a need to change the regulatory framework for the crypto markets? What are the global implications of the FTX hack? Where does India stand amid this crypto carnage? Sandeep Nailwal, Co-Founder at Polygon shared his views with CNBC-TV18 regarding the same.
“This whole year the fiascos that we have seen, these are the ones by the centralised actors, which are failing throughout this year. Within the crypto community, we all believe that this is a part of a good clean up that is happening because all these systems were overleveraged, single party having a lot of control of the users’ fund and things like that and now it is getting better, overall we are getting ready for the prime time as a crypto community,” he said.
Five lakh investors and FTT owners in India were impacted due to the crash in the global crypto market. India has 25 million crypto investors, many of whom are calling for more transparency from crypto exchanges. So what will be the impact on Indian investors? Vignesh Raja, Hedera Hashgraph and Sidharth Sogani, Founder & CEO of CREBACO Global spoke to CNBC-TV18 about this.
For the entire show, watch the accompanying video
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