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FTX is preparing to launch its own stable cryptocurrency

FTX is preparing to launch its own stable cryptocurrency

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Answer FTX is preparing to launch its own stable cryptocurrency

It is very likely that the cryptocurrency trading giant FTX will soon launch its own stablecoin as confirmed by the founder and CEO of the company, “Sam Bankman Fred.”

Speaking in an interview with news media Web3, Sam Bankman-Fried discussed a number of industry perceptions regarding the company’s standing during the crypto winter.

Contrary to popular belief, FTX is the biggest winner in the industry, arguing for its success in acquiring Voyager Digital and BlockFi.

Sam Bankman-Fried emphasized that the acquisition is intended to help maintain the balance of the industry, which in turn will benefit everyone.

The president of FTX admitted that the market downturn does not affect the company’s business as the company is always innovating.

Read:The founder of Ethereum donates $300,000 via his Twitter account

He added:

One of the main characteristics of crypto platforms is that our operations are not affected by market downturns any further.

Every day we continue to grow the business, creating new services and tools for customers.

So, yes, the markets are less dynamic, things are a little more tense, but in the end, don’t derail us.

While the plan to launch the stablecoin didn’t come up with many details other than that it would take place in partnership with other major players in the space, the move was not surprising especially considering competitors like Binance.

The FTX trading platform is trying to beat Binance in terms of daily trading volume.

The collapse of TerraUSD (UST), has triggered a cold shiver in the crypto, blockchain and Web 3.0 market ecosystem with intense scrutiny and oversight by regulators.

With the FTX stance, the exchange may be in a good position to launch a stablecoin that complies with the regulator’s guidelines.

Read:The SEC is in the process of reopening the discovery in its case against Ripple…Details here

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