The fallout from this will impact things in places and ways we cannot grasp right now.
FTX activities on the ground:
FTX was not only an exchange but they were building infrastructure that provided groundwork for mass adoption, unboarding unbanked in Africa, offering payment on and off ramp, as well as custodial wallets and credit cards.
“I was a campus ambassador in Nigeria. We were doing crazy work in Nigerian universities and towns as regarding crypto education and web3 onboarding, all sponsored by FTX. I wouldn’t even mention the amazing impact of FTTDAO.”
Some Fintech startups might be at risk, such as ChipperCash, after it received a $150M extension round led by FTX ($2B valuation).
Other names are circulating (to be verified): Kuda, Piggyvest etc.
Some of them may have funds stuck with FTX as they held deposits there…