- Customers of FTX may now trade equities in stablecoin-funded accounts.
- CZ said he’d rather see Binance concentrate on developing more Web3 products.
Binance isn’t interested in allowing its customers to trade equities, no matter how many new ones they could bring in. It’s neither right nor wrong for cryptocurrency exchanges to provide the function, but CEO Changpeng Zhao stressed that exchanging stocks does not fit with his company’s values.
Binance Aims to Focus on Web3 Projects
Despite the general market downturn, several crypto companies have shifted their attention to growing their user base by introducing new services. Customers of FTX may now trade equities in stablecoin-funded accounts starting in May.
Many retail investing platforms, including Robinhood and Webull, have found stock trading to be a thriving sector, but CZ said he’d rather see Binance concentrate on developing more Web3 products. There are a few prospective acquisition prospects for Binance during the weak market, but none of them concentrate on traditional stocks, according to its CEO. Also, according to CZ, any prospective transactions would be “simple” than a complex loan structure or rescue.
Sam Bankman-Fried’s Alameda Research lent Voyager Digital $500 million in a line of credit, which he characterized as “I would never do that type of deal.”
Since Bankman-Fried purchased 7.6% of Robinhood in May, there have been rumors that he’s already interested in purchasing the stock and cryptocurrency trading app. He denied this, saying, “no active M&A conversations about Robinhood currently taking place.”
The CEO of the world’s biggest cryptocurrency exchange revealed on the most recent gm podcast that he was “disappointed” with the way Terra’s collapse was handled. That “speed of operational response” was ‘very weak,’ according to him. Nevertheless, he said that stablecoins like Tether and USDC, which are backed by the US dollar, pose some risk.
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