The cryptocurrency industry is still feeling the effects of the FTX exchange collapse that occurred more than three months ago. Despite the major blow that Folkvang, a market-neutral, Singapore-based trading firm, suffered during the crash, the firm is still going strong.
Folkvang was founded in January 2020 by a team of seasoned crypto quant traders. The firm quickly rose to prominence across all major exchanges, and by 2022, it was edging toward the top of FTX’s volume and profit leaderboard. This success was largely due to the investment from Alameda Research, the trading firm that played a central role in FTX’s demise. In return, Folkvang invested in FTX, which was owned by Sam Bankman-Fried.
Unfortunately, the FTX crash caused Folkvang’s equity to be halved, resulting in the loss of the gains made in 2021. Despite this, Folkvang is still standing and is determined to continue its success. As Folkvang founder Mike van Rossum said in an interview with CoinDesk, “This is the risk, right? This is the risk of the game. I guess we’re happy we’re still standing.”
The cryptocurrency industry is still feeling the effects of the FTX exchange collapse, but Folkvang is determined to continue its success despite the losses it suffered. With its experienced team of crypto quant traders and its commitment to the industry, Folkvang is sure to remain a major player in the cryptocurrency market.