Speculation has been rampant about whether Grayscale and its parent company, Digital Currency Group, will be able to survive after FTX's fall.
) fund, released a statement detailing the security of its digital assets products and affirming that it won’t share its proof of reserves with customers.
“Due to recent events, investors are understandably inquiring deeper into their crypto investments,” the statement begins, which is quite the understatement following the implosion of FTX and the inquiry into. In no time, the question on everyone’s lips became clear. Will Grayscale be next? The answer is that it’s unlikely. And that’s largely because the people at the top, the ones who made Grayscale what it is, appear to be more competent than Sam Bankman-Fried ever was.It’s true and possibly undeniable that the crypto industry will take another dive if Grayscale doesn’t fix its balance sheet. The space simply cannot afford another crash, not so soon after FTX and not that of such a key player.
“We have weathered previous crypto winters,” the CEO’s note read, “and while this one may feel more severe, collectively we will come out of it stronger.” Silbert is an early Bitcoin evangelist and a true cryptocurrency enthusiast. But, unlike Sam Bankman-Fried, he has 28 years of experience under his belt. Before he discovered crypto, he used to be an investment banker in New York and was the CEO of stock trading platform Second Market, which he sold to Nasdaq in 2015. This is not, in other words, his first rodeo.
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