Sam Bankman-Fried says FTX is working on creating its stablecoin

FTX boss Sam Bankman-Fried (SBF) has revealed that the cryptocurrency trade is engaged on creating its stablecoin.

Sam Bankman-Fried, the CEO of FTX crypto trade, has revealed that the corporate is presently engaged on creating its stablecoin.

He revealed this throughout an exclusive interview with The Big Whale on Thursday, October twenty seventh. Making a stablecoin would put FTX in the identical class as Binance, which is without doubt one of the crypto exchanges with a stablecoin (BUSD).

In the course of the interview, SBF stated it is rather seemingly that FTX will create a stablecoin. Nevertheless, he added that the stablecoin’s worth could be tied to that of one other asset. He identified that FTX is aware of the right way to create a stablecoin and is already fascinated about the very best accomplice to work with.

An official announcement relating to the stablecoin improvement will quickly come, he added. When requested how FTX is performing in the mean time, contemplating that is the corporate’s first time in a bear market. SBF stated;

“Sure, that is the primary actual Bear Market we have been via. However you realize, one of many important traits of crypto platforms is that our operation just isn’t impacted by the market downturn any greater than that. Every single day we proceed to develop the enterprise and create companies and new instruments for patrons. So, sure, the markets are much less dynamic, issues are somewhat extra tense, however ultimately, it would not take us off beam”

The crypto market has been in a bearish pattern for the previous yr, and it has affected quite a few firms. When requested how lengthy he thinks the bear market will final, SBF stated;

“I actually do not know. I am unable to say what precisely will occur from a macroeconomic perspective within the coming months. All of it will depend on the rates of interest (of the central banks, editor’s be aware*). If there’s a actual rise in rates of interest, lots may occur. There might be additional sharp actions within the markets. However general, I am fairly optimistic about the way forward for cryptos as a result of the trade retains rising. There are increasingly use instances, the know-how is enhancing (perceive every little thing to Web3), and the regulation is step by step being put in place.”

FTX is without doubt one of the greatest spenders within the cryptocurrency market. Final month, SBF revealed that the corporate nonetheless has $1 trillion to spend on acquisition.

The corporate lately gained the bid to Purchase Voyager Digital and is closing in on the acquisition of the cryptocurrency agency.