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For instance, the collapse of FTX, caused by a liquidity crisis of the company’s token, FTT, catalyzed its bankruptcy. Crypto aficionados who traded various coins on FTX-linked platforms have been unable to withdraw their investments while crypto startups are facing their own losses. In Nigerian, the web3 startup Nestcoin led by former Binance Labs director Yele Bademosi acknowledged being affected by FTX’s downfall leading to a massive layoff of employees at Nestcoin. According to Bademosi,
“Last week’s events have had an impact on us, as we held our assets (cash and stablecoins) at FTX. As a company, we have to adjust our plans, rethink our strategy…Unfortunately, this means saying goodbye to some of our very talented Nesters,”The future of cryptocurrency is highly uncertain, as it is still a somewhat nascent and volatile market. The truth remains, whether we choose to believe it or not, cryptocurrency has come to stay. Therefore, traders, as well as observers, are keen on knowing the future of cryptocurrency technology. Should we see crypto as another bubble or fluke or something we can reshape and redefine? In this article, I highlight a few key things that people should know about the potential future of this technology.
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Increased Mainstream Adoption
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Advancement In New Technologies
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Regulatory Challenges
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Increased Competition
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Greater Institutional Involvement
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Global Economic Uncertainty
Got a suggestion? Contact us: editor@connectnigeria.com
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