Crypto has the highest 'talent density' since the internet's early days, says GSR CEO
Founded in 2013, GSR is one of the oldest crypto market makers and is also an active venture investor. In this episode of The Scoop, GSR CEO Jakob Palmstierna discusses how his firm is responding to the collapse of FTX and shares his forecast for what a crypto recovery might look like. According to Palmstierna, GSR covered the losses of all of its customers who had funds stuck on FTX: “We announced that customers of ours that had funds locked in FTX, we would reimburse them so they didn't have those losses, which is not ‘effective altruism,’ it's about creating some stability within the market and being here for the future.” Although 2022 was filled with calamities for the crypto industry, Palmstierna says the underlying technology is continuing to develop: “Everything that happened over 2022 has very little to nothing to do with the underlying technology of crypto. There are well-funded projects out there, there are really good builders — it's one of the biggest sections of talent density that we have seen since the early internet days.” Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from former FTX and Alameda founder Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions. Episode 128 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro and GSR CEO Jakob Palmstierna. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com. This episode is brought to you by our sponsors Tron, Ledn, Athletic Greens About Tron Founded in 2013, Huobi Global is one of the largest virtual asset exchanges in the world. Huobi Global serves millions of users across international markets. Since its establishment, Huobi Global has committed to providing first-class virtual asset investment services. Huobi Global's robust infrastructure, product innovation and capital strength provide a truly customer-centric and secure trading environment to help our international users to achieve their investment objectives. Please refer to Huobi's official website for more information: huobi.com. About Ledn Ledn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real-life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io About Athletic Greens Build a Foundation for Better Health. It’s time to reclaim your health and arm your immune system with convenient, daily nutrition! Fill nutrient gaps, promote gut health, and support whole-body vitality with AG1. One daily serving delivers a potent blend of 9 health products—a multivitamin, minerals, probiotics, adaptogens and more—working together to help you feel like your healthiest self. For more information visit AthleticGreens.com/Scoop