FTX cryptocurrency exchange is planning to have its algorithm stablecoin

According to a statement issued by FTX CEO Sam Bankman-Fried on Thursday, the cryptocurrency exchange plans to launch an algorithm stablecoin.

In an interview with the French Web3-focused newspaper The Big Whale, Sam Bankman-Fried stated that the crypto business is expected to launch its stablecoin, however he did not divulge many specifics about the invention.

“Yes, it is very likely,” he said, in comments reprinted by multiple outlets Thursday. “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.”

Further, Bankman-Fried was questioned about FTX's contemplation of purchasing the stock brokerage firm Robinhood, which has been a rumor in the crypto world since the summer, and in response, he stated that FTX has no interest in acquiring Robinhood.

“There are two ways for a company to grow: either it buys companies or it continues to grow internally,” said Bankman-Fried.

“The most important thing is to continue to grow, to attract users, whichever way you do it. We could buy a company like Robinhood, but that’s not what we’re looking at right now. Our challenge is to continue to grow organically,” he furhter added.

Source: https://mycryptoparadise.com/ftx-to-build-its-stablecoin/