How The FTX Collapse Shook The Bahamas
The Bahamas has been trying to make a name for itself in the financial services sector. Now, the FTX bankruptcy is jeopardizing that.
It's been three months since one of the most influential crypto exchanges collapsed into bankruptcy. FTX's demise brought with it a wave of financial uncertainty and distress across the crypto industry. But it also had an effect on the small island nation where the crypto exchange had established its headquarters: The Bahamas.
This is not the Caribbean's first financial crisis. History suggests it won't be the last. But it is perhaps one of the highest profile losses, and potentially the most damaging.
It comes as islands across the region try to diversify away from tourism revenue. The Bahamas had high hopes that an ambitious financial sector would achieve that. But crypto was a big part of the game plan, and now that vision is crumbling. Can the Bahamas fill the gap left in its financial sector? Can the nation still be a hub for digital assets?
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