In a recent conference held in Singapore, Vitalik Buterin, co-founder of the Ethereum (CRYPTO: ETH) blockchain, expressed his positive outlook on the future of cryptocurrencies, despite recent industry challenges.

What Happened: Buterin highlighted the importance of the “baptisms of fire” that the crypto industry has undergone, in an interview with Nikkei Asia published on Monday, which has exposed its weaknesses and spurred necessary improvements.

He cited the collapse of FTX as a prominent example of the dangers linked to centralized platforms. The downfall of FTX, under the leadership of Sam Bankman-Fried, revealed vulnerabilities in centralized exchanges, according to Buterin. He advocates for technological advancements, such as multi-signature wallets, to bolster security.

Apart from FTX, the fall of big cryptocurrency hedge funds such as Three Arrows Capital, Voyager Digital created further upheavals in the sector.

“It [crypto] has actually gone through many baptisms of fire,” said Buterin.

“Now, decentralized exchanges exist, right, and … the average person uses them and … that’s a big improvement that’s already happened — but it takes time, right, like technology always takes time.”

See Also: ‘Dogecoin Killer’ Shiba Inu Is The ‘Obvious Catch Up Play’ For Those Who Missed DOGE Rally, Trader Touts

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Photo by Alexey Smyshlyaev on Shutterstock.

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari