Pantera Capital CEO talks about the growth of blockchain technology

Pantera Capital CEO talks about the growth of blockchain technology

To Dan Morehead, CEO of Pantera Capital byWhile the economic situation may seem dire at the moment, it is unlikely to affect the development of blockchain technology. In an interview with Real Vision on Thursday, Morehead said he believes blockchain technology will perform well regardless of the conditions set by traditional risk metrics:

“There are times when it’s risky and risky, like Apple or Amazon stocks. But these companies have made their own rise in the last 20 years. And I think blockchain will do that in the next ten years. It will also do it on its own foundations.”

Pantera Capital raised $1.3 billion in funding in the first half of this year, focusing on DeFi and gaming projects. Morehead said, “Over the last few years, all the focus has been on DeFi, and now decentralized finance is building its own parallel financial system. The gaming industry is about to go completely online and there are several hundred million people using blockchain technology in this context. There are some really great game projects and there are still plenty of opportunities in the industry,” he said.

However, the decline in the valuation of the venture capital company contradicts Morehead’s long-term optimism. According to data from Cointelegraph Research, the company dropped to $1.36 billion in August for the fourth consecutive month from the previous month.

The crypto winter was expected to spur consolidation in the industry, however, from Crunchbase data, showed that in the third quarter of the year, venture capital-backed crypto companies in the US were able to sign only four deals.

Sandeep Nailwal, managing partner of Symbolic Capital, said that the bear market drove even the big firms in the industry away:

“Everyone expected mergers and acquisitions (M&A) to be on the rise in the crypto industry as we entered this bear market, but that has yet to happen. I think the main reason for this is that the downturns hit the industry so fast and so hard that even the big companies that bought aggressively were shocked by the crash and had to make sure their balance sheets were right first. “

Crypto exchange FTX doesn’t seem to be particularly affected by this issue. The company is known to be in talks with investors to raise $1 billion in new funds to finance its additional acquisitions, even in the bear market. Referring to this issue, Nailwal said, “We are seeing company valuations drop to very low levels compared to pre-summer price levels and we know that there are a lot of buyers, especially in the central finance (CeFi) area, looking at these low values ​​and thinking that everything is on sale right now. FTX definitely offers this opportunity. “They saw it and acted very carefully and sensibly about how they could capitalize on these market conditions to accelerate their growth.”

Additionally, FTX’s investment arm announced earlier this month that it had acquired a 30 percent stake in asset management firm SkyBridge Capital, and that Canadian crypto platform Bitvo was acquired by FTX in June.

Unlike FTX, e-commerce company Bolt decided to halt its plans after announcing in April that it had reached a $1.5 billion deal with crypto and payments infrastructure company Wyre. Another cancellation decision came from Galaxy Digital. The company, which provides cryptocurrency investment services, shelved the purchase decision of digital asset manager BitGo, citing a breach of contract.

In response to this ruling, BitGo sued the crypto investment firm for terminating the acquisition, seeking damages of more than $100 million, and accusing Galaxy of making “improper refusal” and “deliberate breach” of the purchase agreement.

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