Breaking: FTX CEO Sam Bankman-Fried Reveals Stablecoin Plans, Dumps Robinhood Takeover
Sam Bankman-Fried, CEO of Crypto Exchange FTX is getting ready to create its own stablecoin. This new development was revealed by SBF himself in an interview with The Big Whale. Earlier it was reported that SBF was interested in acquiring Robinhood. However now FTX wants to create its own stablecoin and at the same time widen its user base. However, the news did not cause any flutter in the FTX Token(FTT) values which remain unaffected.
FTX To Have Its Native Stablecoin: CEO SBF
CEO Sam Bankman-Fried also gave the details of the stablecoin he intends to create and he is currently in search of a partner who will assist in this venture. SBF did not reveal all the details of the forthcoming stablecoin but did say that the intricate details will be out soon.
“Yes, it is very likely. We know how to create a stablecoin. We’re just thinking about the best partner to do it with. What I can tell you is that you’ll be hearing from us soon.”
SBF is overtly optimistic during times when the crypto sector is affected by its worst winter and bearish sentiments. SBF added that he plans to proliferate his business and create new services and tools and the current bout of crypto winter has not affected FTX. He also confirmed that he does not intend to acquire the commission-free trading app Robinhood.
FTX trading volume has surged and this has been aided by the acquisition of Voyager and BlockFi. SBF also highlighted the fact that FTX has 6 times more trading volume than Coinbase but 20 times fewer users. This is the underlying motto for the quest for new funding sources by SBF to facilitate acquisitions amid the crypto winter to boost the retail user base. However, FTX will no longer consider bailout-type acquisitions.