“It’s obvious that people are jittery, interested and somewhat nervous about what’s happening in the industry,” Changpeng “CZ” Zhao, CEO of Binance. the largest crypto exchange, said during a Twitter Space on Monday. “I want to say, short term it is painful. But, I think this is good for the industry long term.”

Zhao acknowledged that a lot of people lost money recently and many still have money stuck with FTX, so “there will be pain.” But he hinted that market conditions should improve down the line.

“The industry is not going away and the other strong industry players are now even stronger,” he said.

These exchanges join other crypto businesses like Gemini, BitGo and Paxos, to name a few, which have used PoR for many years to prove billions of dollars in value, Sergey Nazarov, co-founder of Chainlink, told TechCrunch on Friday.

“Now we’re increasing transparency in the industry, we’re increasing security in the industry, and we’re increasing communications with regulators all around the world,” Zhao said today. “I think five years later, when we look back at this, the industry will be stronger.”

Binance’s CEO isn’t sweating the FTX implosion by Jacquelyn Melinek originally published on TechCrunch