DailyCoin
Published Oct 27, 2022 12:00PM ET
Updated Oct 27, 2022 01:00PM ET
Sam Bankman-Fried Reveals FTX Stablecoin Plans
Sam Bankman-Fried, the CEO of FTX, talked about the exchange’s plans to make its own stablecoin in an interview released on October 25. Speaking with Big Whale, SBF detailed how he plans to invest during a down market, how he will handle acquisitions, what projects he has in the works, and why FTX has decided to create its own stablecoin.
Recently, SBF disclosed plans to introduce the FTX v2 cryptocurrency exchange around Thanksgiving. Among the additions are a new order matcher, API paths with less latency, and other important features. SBF thinks it will help the exchange’s order throughput and cut its order latency in half.
To further strengthen retail users, SBF is looking to raise fresh acquisition funds amidst the crypto winter. FTX will stop considering purchases that could necessitate a rescue plan. Furthermore, SBF denied rumors that FTX is planning to purchase the commission-free trading software Robinhood (NASDAQ:HOOD). The company’s goal is to grow organically by attracting clients and, in particular, retail investors.
Stablecoins have potential to revolutionize money and unlock the possibilities of smart contracts and decentralized technology, as demonstrated by the tremendous developer interest in the field. Stablecoins as “programmable dollars” would give fintech developers much more flexibility and room for creativity. Consumer loans would not be possible if they were collateralized by volatile cryptocurrencies. Smart contracts become far more appealing to mainstream users and businesses when they can interact with digital, programmable dollars rather than volatile currencies such as Bitcoin (BTC).
See original on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.