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DailyCoin: Sam Bankman-Fried Reveals FTX Stablecoin Plan

© Stocksak Sam Bankman-Fried Reveals FTX Stablecoin Plans

Sam Bankman-Fried, the CEO of FTX, talked about the exchange’s plans to make its own stablecoin in an interview released on October 25. Big Whale was interviewed by SBF about how he plans on investing in a down market, how he will handle acquisitions and what projects he is working on. Also, why FTX created its own stablecoin.

SBF announced recently that it will introduce the FTX v2 cryptocurrency platform around Thanksgiving. The new additions include an order matcher, API paths that are less latency, as well as other important features. SBF thinks it will help the exchange’s order throughput and cut its order latency in half.

SBF is looking for new acquisition funds to further strengthen retail customers in the crypto winter. FTX will not consider purchases that could require a rescue plan. SBF also denied rumors that FTX was planning to buy the commission-free trading platform Robinhood (NASDAQ). The company’s goal is to grow organically by attracting clients and, in particular, retail investors.

The Flipside

  • Although FTX has yet to decide how it will introduce a stabilizecoin, it won’t be the first. In September 2019, Paxos partnered with rival exchange Binance to launch its own. BUSD, stablecoin. According to Coinmarketcap DataBUSD is third most traded stablecoin behind USDC and tether. The total supply of BUSD is over 22 billion.

Why you should care

Stablecoins can revolutionize money and unlock the potential of smart contracts, decentralized technology and smart contracts. This is evident by the high level of developer interest. Stablecoins as “programmable dollars” would give fintech developers much more flexibility and room for creativity. Consumer loans wouldn’t be possible if they were secured by volatile cryptocurrency. Smart contracts are more attractive to mainstream users and businesses if they can interact digitally with programmable dollars instead of volatile currencies like (BTC).

See original on DailyCoin

News Source and Credit

Stocksak Editorial

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