FTX wants to make a stablecoin

FTX CEO Sam Bankman-Fried says FTX exchange is reportedly working on launching its own stablecoin.

In an interview with The Big Whale, SBF shared his future plans concerning FTX, adding that the exchange is currently in the process of developing its own stablecoin.

SBF further stated that his exchange is thinking of the best partner to collaborate with to push its stablecoin venture in the right direction.

FTX may launch its own stablecoin

Despite the news of multiple stablecoins collapsing this year, the CEO of FTX, Sam Bankman-Fried, is keen on spearheading his own stablecoin venture in the near future.

In an interview with crypto media outlet The Big Whale, SBF revealed that his exchange is currently working on developing its own stablecoin, a type of crypto coin that's value is pegged to other digital assets or fiat currencies.

From the interview:

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 later took to Twitter to issue clarifications related to his stablecoin comments, adding that they are still in the preliminary stages.

FTX exchange expansions

FTX has recently been pursuing aggressive crypto acquisitions. The exchange recently acquired Voyager Digital, a crypto lending platform that went bankrupt in June, followed by taking control of BlockFi, another crypto lending platform, for a whopping $25 million.

In the recent interview, SBF shared how his recent acquisitions will help the company strengthen its position in the United States.

SBF also stated that the exchange is looking forward to expanding its services in Europe, especially in France, where crypto regulations are favourable enough for the team to build its base by establishing its first European headquarters in the region.

Get the latest news on Bitcoin, Ethereum, Luna and Shiba Inu.