Breaking: FTX CEO Sam Bankman-Fried Confirms “Stablecoin” Plans

Crypto exchange FTX is creating its own stablecoin, CEO Sam Bankman-Fried confirms in an interview with The Big Whale. SBF also revealed his plans during the bear market, acquisition strategy, upcoming projects, and creating its own stablecoin. FTX Token (FTT) price fails to show any major movement after the announcement.

FTX to Get Its Own Stablecoin: CEO SBF

CEO Sam Bankman-Fried revealed that FTX is planning to create its own stablecoin. The crypto exchange is currently looking for the best partner for creating a stablecoin. While he didn’t share enough detail on the stablecoin, SBF believes the details will be announced 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 remains optimistic during the bear market. He plans to grow the business, create services, and new tools as FTX operations are not impacted by the market downturn. During the Big Whale interview, SBF turned down plans to acquire the commission-free trading app Robinhood.

Voyager and BlockFi acquisitions have helped FTX increase trading volume. He said FTX has 6 times more trading volume than Coinbase but has 20 times fewer users. Thus, the company intends to attract users, especially retail investors, and grow organically. In fact, SBF also looks to raise fresh funding for acquisitions amid the crypto winter to boost the retail user base. However, FTX will no longer consider bailout-type acquisitions.

SBF reveals that FTX will further invest in Europe to continue its expansion plans. Similar to Binance and Crypto.com, he considers France as the best option for its European headquarters due to favorable regulation and ecosystem.

He also discussed plans on becoming a bank, partnership with Visa, the MiCA regulation, and regulatory landscape in the U.S.

FTX V2 Crypto Exchange

Sam Bankman-Fried recently revealed plans to launch FTX v2 crypto exchange near Thanksgiving. The developments include a new order matcher, lower latency API pathways, and other vital features. SBF believes it will help double the order throughput and half the order latency on the exchange.

FTX Token (FTT) price is currently trading at $24.51. The price increased slightly after the news, but fails to show any major price movement.