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FTX Very Likely To Launch It's Own Stablecoin, SBF Confirms
FTX could certainly launch its own stablecoin, CEO Bankman-Fried told The Big Whale. But the exchange giant will prefer launching a stablecoin via partnerships, according to Bankman-Fried.
Muskaan T.
11:14 27th Oct, 2022
Adoption

The CEO of the popular exchange asserted in a recent interview that the firm is working on launching its own stablecoin.

He also confirmed previous reports that FTX is looking to raise more funds and spoke about the recent and possible future acquisitions.

Without providing any further details, Sam Bankman-Fried said the exchange knows how to create a stablecoin and is “very likely” to do so soon. At the moment, FTX is looking for a partner before launching such an asset.

If FTX indeed goes down that road, the company will mimic other digital asset exchanges that have paved the way, including Binance. BUSD is now the third-largest stablecoin and the seventh-largest crypto with a market cap of over $21 billion.

SBF also spoke about the ongoing crypto bear market, saying it’s quite disturbing for the entire industry. However, the added that his firm has managed to weather the storm rather well as FTX has continued to “grow the business, create services and new tools for customers.”

The exchange recently launched a crypto debit card by collaborating with Visa, which could drive mass adoption for the asset class in terms of payments. According to SBF, crypto payments are the next big step for the industry.

Speaking about the deals FTX made with Voyager and BlockFi, the CEO said they managed to stabilize the market in times of enhanced turbulence following the Terra ecosystem crash. However, he also believes they will “allow us to strengthen our position in the United States and continue to gain market share.”

SBF further confirmed recent reports that the exchange is looking to raise additional funds, which it could use for new acquisitions. However, he refuted the rumors that FTX plans to purchase Robinhood:

“The most important thing is to continue to grow, to attract users, whichever way you do it. We could buy a company like Robinhood, but that’s not what we’re looking at right now. Our challenge is to continue to grow organically.”

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