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Crypto mega-billionaire Sam Bankman-Fried says he bought billions of bindings to trade other coins

12 octubre, 2017

FTX CEO Sam Bankman-Fried recently revealed that he bought billions of bindings to help trade other cryptocurrencies, according to a Bloomberg Businessweek article on Stablecoin.

In an interview at a bitcoin conference in Miami in June, Bankman-Fried told Bloomberg that transactions using Tether, the largest of the dollar-linked stabelcoins , have one key advantage over using dollars.

«If you are a cryptocurrency company, banks are nervous about working with you,» he said.

As Bankman-Fried hinted, the biggest advantage of Tether for cryptocurrency exchanges is its ease of use. Instead of converting cryptocurrency into dollars, which could draw criticism from banks fearful of money laundering, holding a Stablecoin such as Tether basically retains the same value, but makes it easier to get back into cryptocurrency.

Other crypto traders who spoke to Bloomberg described the use of tether as an intermediary currency as an effective industry standard, despite deep doubts as to whether stabelcoin is actually backed by dollars . Some of these tether users have even put forward conspiracy theories: it’s a CIA back-channel for dirty money or a government scheme to track criminals.

As scrutiny of tether intensifies with the Justice Department investigating bank fraud against tether executives for past behaviour , Bankman-Fried has backed tether’s listing on FTX . In August, he said his exchange would not treat stablcoin differently.

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«Tether is a cryptocurrency that can be on FTX just like any other cryptocurrency,» he told CNBC. «It’s not really a dollar on FTX. It’s a free-floating cryptocurrency.»

«It’s not fundamentally part of our US dollar basket, which means that the exchange doesn’t see it as a mandatory one-to-one ratio with US dollars. That is for the market and users to determine,» Bankman-Fried said.

After an interview with CNBC, the 29-year-old cryptocurrency billionaire expressed some frustration with the media focus on Tether’s legal problems.

«Eh, only 20% of the interview was about USDT, I will consider it a victory,» he tweeted.