FTX Is Developing Its Own Stablecoin: CEO Sam Bankman-Fried

FTX Is Developing Its Own Stablecoin: FTX CEO Sam Bankman-Fried.

One of the largest cryptocurrency exchange in the world FTX, is reported to be creating its own stablecoin. This report comes from an interview with CEO, Sam Bankman-Fried by The Big Whale.

A cryptocurrency token whose value is correlated with another asset is known as a stablecoin. USD Coin (USDC), Binance USD (BUSD), HUSD are some of the stablecoins that are available for margin trading customers.

CZ and Binance created their own stablecoin BUSD back in 2019. The growth of Tether (USDT), the biggest stablecoin with a market worth of $68 billion, also shows how stablecoins can succeed even in the face of regulatory scrutiny. The Hong Kong holding corporation iFinex, which also runs the cryptocurrency exchange Bitfinex, is the owner of Tether.

SBF On Voyager Acquisitions And Robinhood Next?

The interview also asked some questions about FTX’s acquisitions strategy. Bankman-Fried also said last month that, FTX still have $1 Billion to be used for acquisition if needed. For the past few months, FTX have been ‘saving’ companies like Voyager and BlockFi and SBF said that,

“Some of these transactions have helped stabilize the markets (after the fall of Terra Luna in May, several companies went bankrupt, ed. note). But beyond that, these acquisitions will allow us to strengthen our position in the United States and continue to gain market share.”

Read More: Binance Launches a New Oracle Service on Its Blockchain 

He was also asked if they are interested in acquiring Robinhood, SBF said that for now that is not what they are looking for, even though they acquired 7.6% of Robinhood back in May 2022.

“That’s a great question! There are two ways for a company to grow: either it buys companies or it continues to grow internally. The most important thing is to continue to grow, to attract users, whichever way you do it. We could buy a company like Robinhood, but that’s not what we’re looking at right now. Our challenge is to continue to grow organically.”

For more info regarding Crypto Alpha and NFTs Alpha.  Always follow us on Twitter and Instagram.


Related post