Paradigm co-founder Matt Huang said he regretted investing in the FTX exchange.
Huang stated that his investment in the bankrupt stock market decreased to zero.
Paradigm Founder Speaks About FTX
Matt Huang said that their investment in FTX is only a small part of their total assets and they have never traded or held assets in FTX. In addition, he underlined that there is no investment in native tokens such as FTT.
Huang said in a statement on his Twitter account:
“After all, we deeply regret investing in a founder and company that doesn’t live up to crypto’s values and does massive damage to the ecosystem.”
The company’s investment amounted to $290 million.
While Huang said some people were skeptical about crypto after the stock market crashed, “The problems with FTX are precisely those that decentralized finance can solve through increased transparency and security,” he said.
The blow-up of FTX has caused some to question crypto’s value. But the issues at FTX are precisely ones that decentralized finance can solve through increased transparency and security. Crises such as this one help to clarify the true merits of what we’re all building towards.
— Matt Huang (@matthuang) November 15, 2022
Paradigm announced that it launched a $2.5 billion cryptocurrency fund last year. The fund was also supported by companies such as DeFi wallet Argent, decentralized exchange dYdX and Gauntlet.
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