It has been three months since one of the most influential crypto exchanges went bankrupt. The collapse of FTX followed a wave of financial turmoil and difficulties in the crypto industry. But it also has an effect on the small island nation where the cryptocurrency exchange has its headquarters: the Bahamas.
This is not the Caribbean’s first financial crisis. History shows it won’t be the last. But it is probably one of the biggest losses and potentially the most damaging.
It comes as the islands in the area try to diversify their tourism revenue. The Bahamas has high hopes that an ambitious financial sector will get there. But crypto was a big part of the game plan, and now that vision is falling apart. Can the Bahamas fill the gap left in its financial sector? Can the country still be a hub for digital assets?
