FTX about to launch a new Stablecoin

10/27/2022, 05:54 PM
FTX about to launch a new Stablecoin
In a recent interview, Sam Bankman-Fried, the CEO of popular cryptocurrency exchange FTX, confirmed that the exchange is working on launching its own stablecoin. This would follow the example set by other exchanges, such as Binance, who have already launched their own stablecoins. Bankman-Fried also spoke about the recent and possible future acquisitions made by FTX, as well as the ongoing crypto bear market.

FTX Cryptocurrency exchanges have been increasingly launching their own stablecoins in recent years. Stablecoins are digital assets that are pegged to a stable asset, such as fiat currency or gold, in order to minimize price volatility. This makes them attractive to both investors and businesses who want to use cryptocurrency but are put off by the volatility of the market.

Binance, one of the largest cryptocurrency exchanges, launched its own stablecoin, BUSD, in September 2019. BUSD is now the third-largest stablecoin and the seventh-largest cryptocurrency with a market cap of over $21 billion. FTX could follow suit and launch its own stablecoin, which would be similar to BUSD.

Bankman-Fried also spoke about the ongoing crypto bear market, saying that it is quite disturbing for the entire industry. However, he added that FTX has managed to weather the storm rather well and has continued to grow the business. He attributed this to the launch of new services and tools for customers, such as the FTX Visa debit card.

The exchange has also made some recent acquisitions, including of Voyager and BlockFi. Bankman-Fried said that these have helped to stabilize the market in times of increased turbulence. He also confirmed that FTX is looking to raise additional funds, which could be used for new acquisitions. However, he denied rumors that FTX is planning to purchase Robinhood.

Overall, FTX is working on launching its own stablecoin and has made a number of acquisitions to grow its business. The exchange is also looking to raise additional funds, which could be used for further acquisitions or to launch new services.

Read more on thebigwhale.io.