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FTX collapses: Beware, danger of cascading bankruptcies

FTX collapses: Beware, danger of cascading bankruptcies

The earthquake that shook the tech world this week was the chapter of the FTX cryptocurrency trade platform, and the autumn of its founder Sam Bankman-Fried (“SBF”) whose fortune fell from 27 billion {dollars} to… zero. An unimaginable story that may have repercussions in lots of areas: little doubt a handful of different cascading bankruptcies, sure clients who may have “misplaced every thing”, and due to this fact a justification for legislating in an space that remained a little bit of a “Far West “authorized.

Believers within the underlying and corollary applied sciences of blockchain and web3 might insist that they’re various things, however the detrimental halo impact of such a debacle is difficult to disclaim. I’m a kind of satisfied: I used to be in January in Miami (the place FTX is the very seen sponsor of the stadium) for a “web3” convention, and the members didn’t care in regards to the fluctuations of cryptocurrencies. We’re far more conscious of constructing the essential layers of a brand new net infrastructure, which is healthier suited to the switch of worth, of possession, and which permits distributed architectures and governance (the well-known “DAO”, Distributed Autonomous Organizations or distributed autonomous organizations).

I’ve at all times discovered it questionable that they’re known as “currencies”, since, if they permit trade, they’re above all seen as property from which we hope for speedy development.

If we are able to hear this name to not throw the child out with the bathwater, we should nevertheless observe that these infrastructures are intimately linked to the world of cryptocurrencies (and tokens). I’ve at all times discovered it questionable that they’re known as “currencies”, since, in the event that they do enable trade, they’re above all seen as property whose speedy development is hoped for, for the tens of thousands and thousands of customers who’ve opened an account in recent times. “To the Moon” is a well-recognized cry from crypto patrons…

A complete sector in query

From this perspective, the autumn of SBF has nearly a mythological worth akin to Icarus: a hero who feels his wings rising, who solely listens to himself, who believes he can attain the solar, with out having sufficiently secured his ties. . Past the story of an individual, it’s a entire sector that’s questioned: the biggest enterprise capital funds (A16z, and so on.) had invested 2 billion {dollars} in FTX, and undoubtedly insufficiently verified the soundness of inside processes. The “web3” will proceed to develop, however the misadventure of FTX undoubtedly sounds the start of a crypto winter the place many issues will quiet down for a number of months.

I attended the final meeting of the UWE on Wednesday on the Aula Magna in Louvain-la-Neuve. All through the speeches, testimonials from entrepreneurs, key messages emerge, which point out that the corporate of tomorrow shall be very completely different from that of 20 years in the past… and that the transformation is underway.

Learn additionally | Thunderbolt within the cryptocurrency universe: FTX in chapter

Essentially the most central crucial was “innovation”. Beforehand, it appeared confined to a couple massive firms with their very own R&D labs. Any longer, it appears to be understood that every one firms are invited to innovate, even the smallest ones (this may be executed by means of enterprise mannequin innovation, certainly one of my hobbies since 2010, and the topic of my course at UNamur, within the footsteps of Yves Pigneur and his Enterprise mannequin canvas ).

Innovation, ecological transition and round economic system

Corporations, corresponding to Tilman, EyeD Pharma, Alpha Improvements, have testified to their innovation initiatives, usually supported by help corresponding to that of the DGO6.

Breakthrough technological innovation is exemplified by Benoît Deper, founding father of AeroSpaceLab : its mission to launch a constellation of nano-satellites, impressed by its American expertise at NASA in Silicon Valley, propelled it in lower than two years (and with 11 million raised), as THE firm in Europe able to enjoying on this international problem, on the crossroads of aerospace, information and synthetic intelligence.

Simply behind innovation comes the problem of ecological transition and the round economic system. For too lengthy, the surroundings was conspicuously absent from our financial calculations.

Extra current than ever, notably by means of the voice of President Jacques Crahay, he receives endorsement by the Minister-President and the assist of actors just like the coalition due to this fact and The passage and actions like inexperienced accord .

Learn additionally | The place are cryptocurrencies authorized?

Right here too, this can be a motion that may have an effect on each firm, each entrepreneur. Salvatore Ianello, the CEO of chocolate maker Galler, defined to me how they essentially redesigned this “basic” career to orient it on such robust values, and eminently in tune with the instances.

Ultimately, the conclusions of Managing Director Olivier de Wasseige unite and provides path. The UWE will proceed to stability these three pillars: ecological concern, financial profitability, social stability.

With the ambition of “give a brand new face to Wallonia“, within the phrases of the Minister-President.

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