FTX Crypto Exchange is set to launch a stablecoin: Report
Sam Bankman-Fried, the CEO of cryptocurrency exchange FTX, has just announced that they are working on a stablecoin. The FTX CEO recently shared the company’s goal of developing a stablecoin.
In the interview with the Big Whale, he gave an insight into their process for creating the asset. It seems like they’re committed to following in the footsteps of several exchanges-like Binance, which owns BUSD, and Coinbase, which has USDC.
When asked, Bankman Fried affirmed the project and said they had just suspended all plans to develop it.
He noted that there have been a lot of positives so far, such as the potential for collaboration. But he added that they are still looking for partners and still actively pursuing the stablecoin project.
The CEO of FTX said that the company is committed to providing the best trading services to its users. He mentioned that they have had a little trouble with their CFTC-related projects, but they’re working on getting it all together.
FTX gives traders the ability to use its platform for margin trading of several dollar-backed digital assets. Tether is one example of stablecoins that could go on to become a success despite regulatory clampdown.
The CEO also expressed concern for the crypto market some weeks ago and suggested a proposal as to how he thinks regulators should handle illegal activities in the crypto market. Though there is still no precedent for stablecoins, the company has been making inroads into the market over the last few months. To date, its acquisitions include a $240 million purchase of BlockFi and 7% stake in Robinhood (with more to come). The FTX CEO clarified that it has yet to fully acquire either company.