Coinbase Exec Says Institutional Investors Still Into Crypto Post-FTX

David Duong, head of institutional research at the exchange, says the collapse of Sam Bankman Fried's platform didn’t lead to a pullback.

AccessTimeIconJan 30, 2023 at 6:22 p.m. UTC
Updated May 9, 2023 at 4:06 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Institutional investors appear to have a steadfast interest in crypto, David Duong, head of institutional research at crypto exchange Coinbase, told CoinDesk TV’s “First Mover” on Monday.

“The secular trend for institutional adoption hasn’t changed … it’s still here,” Duong said about whether the implosion of the FTX crypto exchange founded by Sam Bankman-Fried soured investor interest.

FTX and Alameda Research, an affiliated hedge fund, collapsed in November after a CoinDesk report revealed that Alameda was largely being propped up by FTT, a digital token that FTX created out of thin air.

Duong said even in the midst of the FTX debacle that came on top of the crypto winter, institutional investors have recognized that “these are cyclical developments."

Investors “are still here,” and are prepping for the next cycle by looking to “lay the foundation necessary to be able to trade," he said.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Fran Velasquez

Fran is CoinDesk's TV writer and reporter.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.