Sam Bankman-Fried, CEO of Crypto exchange FTX, aims to develop the company’s own stablecoin to increase user numbers.
Crypto exchange FTX is creating its own stablecoin, CEO Sam Bankman-Fried confirms in an interview with The Big Whale, He declined the possibility of buying Robinhood as well.
In addition, SBF disclosed its intentions for the downturn, including its acquisition strategy, planned initiatives, and the development of its own stablecoin. After the announcement, the price of FTX Token (FTT) hardly changes at all.
FTX to Get Its Own Stablecoin:
CEO Sam Bankman-Fried, disclosed that the company intends to develop its own stablecoin. The cryptocurrency exchange is currently searching for the ideal collaborator to develop a stablecoin. Although he didn’t provide enough information about the stablecoin, SBF thinks the specifics will be revealed soon.
“Yes, it is very likely. We know how to create a stablecoin. We’re just thinking about the best partner to do it with. What I can tell you is that you’ll be hearing from us soon.”
SBF maintains its optimism despite the market downturn. Given that FTX operations remain unaffected by the market slump, he intends to expand the company, develop new services, and produce new tools. SBF declined offers to purchase the commission-free trading software Robinhood during the Big Whale interview.
The acquisitions of BlockFi and Voyager have assisted FTX in growing trading volume. He said that while Coinbase has 20 times more users, FTX has a 6 times higher trading volume. In order to grow organically, the company wants to draw customers, particularly retail investors. In fact, SBF seeks to obtain additional financing for acquisitions in the midst of the crypto winter in order to increase the number of retail users.
However, FTX will no longer look at purchases that might require a rescue. According to SBF, FTX will increase its investment in Europe to support its expansion goals. He agrees with Binance that France’s advantageous regulation and ecology make it the best choice for its European headquarters. He also spoke about his goals to open a bank, his collaboration with Visa, the MiCA rule, and the regulatory environment in the United States.
FTX V2 Crypto Exchange
Recently, Sam Bankman-Fried disclosed plans to introduce the FTX v2 cryptocurrency exchange around Thanksgiving. A new order matcher, lower latency API paths, and other critical features are among the developments.
SBF predicts that it will contribute to a doubling of the exchange’s order throughput and a halving of order latency. The price of FTX Token (FTT) is now $24.51. After the news, the price went up a little bit, but there was no significant change in the price.
