Sam Bankman-Fried Says FTX Plans to Issue Stablecoin

• FTX exchange plans to create stablecoin.
• FTX Token traded at $24.55 with a price surge of over 8% in the previous week.

FTX one of the prominent cryptocurrency exchange CEO Sam Bankman-Fried stated, in a recent interview that the company is presently working to create a stablecoin. Stablecoin is known as a cryptocurrency token whose value is connected with another asset. But still, the information has not yet been confirmed by the officials.

Bankman-Fried said that FTX might introduce its own stablecoin and stated;

We certainly could. We know how to do it. We’ve held off on doing it because, we think to some extent, collaboration on that could be really powerful

FTX currently provides margin trading that enables users to use a multitude of stablecoins backed by dollars as collateral. However, FTX Token (FTT) traded at $24.55 with a price surge of more than 8% in the last 7 days. FTX holds a market cap of over $3 billion and has a 24 hours trading volume of $77 million, as per CoinMarketCap. 

Sam Bank-Fried Steps Initiative In the Market

Even in the bear market, FTX has been exploring and making several significant deals, including an agreement to buy the crypto lending company BlockFi for up to $240 million. Further, in May, Bankman-Fried acquired a 7.6% share in Robinhood (HOOD), a retail trading app.

Following that, in August, FTX and Busan teamed up to strengthen Busan’s position as Asia’s digital hub. With this partnership, FTX would assist in the creation of the country’s first city-backed cryptocurrency exchange and develop the local blockchain ecosystem.

And recently, FTX  won the bid between Binance and acquired the assets owned by the bankrupt company Voyager Digital. FTX reportedly spent $50 million to purchase the pertinent assets.

Recommended for you