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 based mostly in Abu Dhabi known as M2 will grow to be the most important “regulated” crypto alternate on the planet, backed by billions in capital with connections to giant institutional gamers.
“The age of the crypto cowboy, these days are over… We have now the pending announcement, rumored… Within the subsequent ten days, they are going to announce M2 in Abu Dhabi, the most important 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 most likely lose half of its accounts to the brand new M2. As a result of now you’ll be able to 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” needs 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 fees.
In October, O’Leary made comparable feedback concerning the M2 alternate.
“This hasn’t been introduced but however in Abu Dhabi, they’re planning to launch a brand new alternate to interchange each FTX and Binance, and so they’re going to get billions [of dollars] on it known as M2.
[It is going to be] completely compliant, backed by billions of {dollars}, extremely steady, possession transparency and it may be utilized by anyone on the planet legitimately on a compliant foundation…
It’s going to grow to be the brand new customary in exchanges as a result of you’ll be able to’t maintain Bitcoin with out an alternate for liquidity.”
At time of writing, there was no official announcement concerning the launch of M2.
