ARK Investment Management Founder and CEO Cathie Wood said the new one The FTX debacle would benefit a crypto sector.

During a recent interviewsaid wood that the collapse FTX would crank it up decentralized funding (DeFi) networks.

She said that after the bankruptcies of FTX and other crypto firms, decentralized networks would become increasingly important in the financial services industry.

Wood added that decentralized network users could exit their trading positions and exit easily after crypto prices fell.

“We think this will give DeFi a boost because it is now obvious – decentralized and transparent is the way to go. These networks haven’t missed a beat. All of their deals have been completed and there are all sorts of metrics that say they’re getting stronger now,” Wood said.

Also read: Kevin O’Leary on why blockchain will reveal truth behind FTX collapse: ‘It will come clean’

Speaking of the lessons learned from the FTX collapse, Wood said, “I think what we are learning from FTX is how much more important fully transparent decentralized networks will be for financial services in the future. FTX, Celsius and 3AC were all closed networks. opaque systems. You couldn’t see what was going on.”

During an interview with Bloomberg in November, Wood said FTX was a scam but not like Lehman Brothers or Bernie Madoffand crypto will keep moving forward.

Last week, Wood said the recent losses were suffered only by FTX and other leading crypto firms infrastructure strengthening to the Bitcoin BTC/USDthe Apex cryptocurrency.

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