The crumbling of the FTX crypto empire may have damaged retail and institutional sentiment toward crypto – but cross border transactions are still proving popular.

In some countries like Brazil, the fall of FTX was seen as hurting confience in centralised crypto exchanges and crypto in general.

Transfero Group is tied in closely with the Brazilian crypto ecosystem.

It believes the collapse of the exchange removed a “big liquidity source” from the market, as FTX was ranked within the top three in terms of trading volume.

And the FTX saga will make crypto investment a “harder sell” for new investors and traders.

However, Transfero believes there wont be much impact for people who use crypto as a means for cross-border payments.

This all comes as FTX reveals it owes its 50 biggest creditors nearly $3.1billion, as revealed in a court filing, without naming them.