Sam Bankman-Fried FTX cryptocurrency exchange is planning to have its algorithm stablecoin according to a statement by FTX CEO on Thursday.
Sam Bankman-Fried in an interview with the French Web3-focused publication The Big Whale said the crypto firm is likely to make its stablecoin, although he didn’t reveal many details about the innovation.
“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 to this, Bankman-Fried was questioned further about FTX’s consideration of buying the stock brokerage giant Robinhood, of course, this has been a rumor in the crypto space since summer and in response to the question, he said 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 added.
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Bankman-Fried Proposed a Standard to End Crypto Hack
As hacking is becoming the biggest challenge in the crypto industry, the biggest investors in the industry and regulatory agencies are getting more concerned. This year alone, the crypto industry has lost more than $1.8 billion to cyber attacks, according to a data by Chainalysis.
Out of concern, Bankman-Fried has drafted a proposal for the crypto industry to end crypto hacks.
“Hacks are extremely destructive to the digital asset ecosystem,” Bankman-Fried wrote in a document posted on the FTX website.
To tackle crypto hacks, Bankman-Fried in his document suggested a “5-5 standard” in which cyberpunks who alert companies to a bug keep a bug bounty that’s no more than the smaller of 5% of what they took or $5 million — and only after the hacked company’s customers are made whole by the company’s reserves plus assets returned by the hacker.
“I think that creating a standard that could drastically reduce the impact of security breaches would be immensely important for the industry,” he wrote.
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