Few market participants seemed scared of cryptocurrency Fantom (CRYPTO: FTM) on Wednesday. In fact, they embraced it, as its price was surging 15% higher in early evening. That followed reassurances that the blockchain was not only likely to withstand the fallout from the FTX meltdown, but is also sufficiently capitalized to forge ahead with its activities.
Fantom is one of a growing number of potential "Ethereum killers" -- in other words, a platform for decentralized applications (dApps). It has gained prominence for operating a relatively efficient and low-fee system for its users.
Understandably, investors are very wary of crypto and associated assets just now because of the tribulations of FTX. So it was good timing when, earlier this week, Fantom Foundation "architect" Andre Cronje published a post on Medium.com detailing the developer's finances. According to Cronje, they are sufficient to finance its operations for around 30 years -- a near eternity for the still very young cryptocurrency industry.
Source Fool.com