Shark Tank star Kevin O’Leary says a brand new crypto alternate is coming that may take enterprise away from the trade’s main giants.
In a brand new interview with Fox Enterprise, the enterprise capitalist says the times of the “crypto cowboy” are lengthy gone.
O’Leary says {that a} new agency primarily based in Abu Dhabi referred to as M2 will turn out to be the biggest “regulated” crypto alternate on the earth, backed by billions in capital with connections to massive institutional gamers.
“The age of the crypto cowboy, these days are over… We’ve the pending announcement, rumored… Within the subsequent ten days, they may announce M2 in Abu Dhabi, the biggest alternate ever that’s regulated with billions backing it and tied to large monetary establishments.
So, sadly, no American can register there. However actually what they’re going after is Binance [which] will in all probability lose half of its accounts to the brand new M2. As a result of now you possibly can go off one thing that the SEC is suing and go on to a compliant alternate that’s backed by billions of {dollars} and large monetary establishments.”
The investor says he “so badly” desires to be an early investor within the new undertaking.
Kevin O’Leary promoted FTX shortly earlier than its collapse and its CEO was arrested on fraud costs.
In October, O’Leary made similar comments concerning the M2 alternate.
“This hasn’t been introduced but however in Abu Dhabi, they’re planning to launch a brand new alternate to switch each FTX and Binance, they usually’re going to get billions [of dollars] on it referred to as M2.
[It is going to be] completely compliant, backed by billions of {dollars}, extremely secure, possession transparency and it may be utilized by anyone on the earth legitimately on a compliant foundation…
It’s going to turn out to be the brand new customary in exchanges as a result of you possibly can’t maintain Bitcoin with out an alternate for liquidity.”
At time of writing, there was no official announcement concerning the launch of M2.
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