Top Cryptocurrency News: SBF reported Crypto winter winding down, FTX will make a profit as a lender of last resort
According to FTX co-founder and CEO Sam Bankman-Fried, the crypto-economic crisis is coming to an end.
In an interview with a media outlet on Thursday, he stated that he no longer receives "a tonne of calls" from struggling firms, as he did in the early weeks of the so-called crypto winter. He believes that with a favorable economic macroenvironment, recovery might occur "remarkably quickly."
Bankman-Fried stated that FTX is "prepared to lose a bit" in its role as lender of last resort. He pointed out that $70 million of the loan given by Bankman-Alameda Fried's Research to Voyager Digital was less than customer assets and may be lost.
Nonetheless, Bankman-Fried stated that FTX will be profitable every quarter this year. FTX earnings are broadly in line with last year, and the firm has gained market share in the previous several months. Bankman-Fried also stated that FTX rejected the notion of adding Bitcoin (BTC) to its treasury, but would have considered it in the price range of $15,000.
In the last year, FTX US has made headway in expanding its array of financial products in the United States, and there are "tens of thousands" of people on the waitlist, according to Bankman-Fried. FTX is looking for an equities clearing business to complement its recent acquisition of Embed Financial Technologies and strategic investment in the U.S. national stock exchange Investors Exchange (IEX).
Bankman-Fried often mentioned the impact of the larger economy on the crypto market. In addition, he highlighted the need for more regulatory certainty in order to develop a market structure and make consumers and institutions feel comfortable operating in the crypto market.
According to Bankman-Fried, crypto regulation can resemble traditional financial regulation on a high level, even if the details of crypto regulation differ.
Read also: SBF disputes that FTX is reviewing troubled crypto mining companies
