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FTX’s CEO says they are working on a stablecoin

Published

1 year ago

October 27, 2022

FTX is looking at rolling out a stablecoin and could acquire Robinhood, a retail trading app, CEO Sam Bankman Fried, disclosed in an interview with The Big Whale. However, he said despite being able to buy the company, that’s not what the firm is looking at right now. “Our challenge is to continue to grow organically,” he added. Also, CEO Sam Bankman-Fried bought a 7.6% stake in Robinhood, equivalent to $482 million at over 56 million shares.

SBF, in a tweet, mentioned that “Binance converts USDC to BUSD, and we see the change in supplies.” He said that the Second Great Stablecoin war just began when the first war was fought in 2018 and ended with USDC and USDT edging out TUSD/GUSD/USDP.

FTX is just on its first bear market and according to Sam Bankman-Fried, the operation of crypto platforms is not impacted by the market downturn. He explained that FTX continues to grow its business and provide services and new tools for customers. “So, yes, the markets are less dynamic, things are a little more tense, but in the end, it doesn’t take us off course,” he said.

Uncertainty is part of the crypto market event; talking about what to expect in the coming months, SBF said, “It all depends on the interest rates; if there is a real rise in interest rates, a lot could happen. There could be further sharp movements in the markets. But overall, I’m pretty optimistic about the future of cryptos because the industry keeps growing.”

FTX has made several significant acquisitions despite the bear market, which includes a deal to acquire BlockFi for $240m. SBF explained that it was all a move to strengthen the firm’s position in the U.S. and further acquire market share. “Some of these transactions have helped stabilize the markets.”