FTX Crash | A young African Perspective w/ Omar Farooq
A lot of us have come across the FTX debacle already, those who held positions of leadership in organisations that had relationships with them are now left with the unimaginable, heavy task of informing their teams of the ever evolving situation.
When asked if he will still participate in the crypto space after all this, FarooQ’s response is a passionate yes, reminding us that there is a bigger mission with crypto that cannot be forgotten. The proven potential of blockchain technology goes beyond making copious amounts of money, or at least, it should. A situation such as this should not deter developers, creators and investors from the entire industry, but rather demand of us a different and intentional attitude. “The challenge with the crypto space for Africa is the necessity for a whole mindset shift that needs to occur.” The finer details of the debacle are still unfolding, but one thing remains, the people affected are more than just wallets and numbers, they are people interested in a new frontier, a new attitude to financial freedom.
FarooQ reminds us that a project like FTX gave many of us access to ample opportunities such as global stock market investing, an opportunity that is often inaccessible to those with African identification documents. What they did should serve as a turning point, a reminder that we still need solutions, transparent solutions that we can verify, beyond simply trusting. The mission is to be Bankless, to embrace technology and to become the leaders of a new & liberated Africa.
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The Bankless Africa show highlights projects, ecosystems, and people making an impact and driving crypto adoption across Africa. Get informed on all things bitcoin, Defi, NFTs, web3, and everything in-between.
None of what is shared in this show is financial advice. Only the opinions of the individuals that make this show possible. Remember to always do your own research (DYOR).
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