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Crypto business: Thousands of cryptocurrencies will collapse

There are more than 19,000 cryptocurrencies and dozens of blockchain platforms. Blockchain platforms, such as Ethereum, are the core technology on which many of these digital currencies are built, CNBC reports.

The recent collapse of the so-called TerraUSD algorithmic stablecoin and the associated luna digital token, which shook the market, drew attention to the thousands of existing cryptocurrencies and whether they will all survive. “One of the effects of what we saw last week with the Terra problem is that we are at a stage where there are actually too many blockchains and too many tokens. This confuses consumers and also carries some risks, “Bertrand Pérez, CEO of Web3 Foundation, told CNBC at the World Economic Forum in Davos, Switzerland, last week. “Like the beginning of the Internet, there used to be a lot of technology companies. A lot of them were fraudulent and of no value. It was all cleared up. Now we have a lot of useful and serious companies.” Brad Garlinghouse, CEO of cross-border blockchain payments company Ripple, says there are likely to be “dozens” of cryptocurrencies that will remain in the future. fiat money has maybe 180 currencies, ”says Garlinghouse.

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