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FTX chief addresses important crypto use cases
The chief executive officer of crypto derivatives exchange platform FTX is highlighting three major use cases for digital assets.
In a lengthy thread, FTX CEO Sam Bankman-Fried says that cryptocurrencies are more than just speculative assets.
He said that digital assets can be used to make instant payments, provide critical structure for markets and interconnect social media platforms.
Bankman-Fried first demonstrates how easy and cheap it is to make instant payments using digital assets by creating two different accounts and initiating a transfer between them.
“I went to send $50 from Bob to Alice. I clicked ‘send’ at 8:19:33 am. By 8:19:45, when I tabbed over to Alice, the $50 had already landed. The fee I paid was $0.0002: around 2% of a penny.”
According to Bankman-Fried, traditional methods of transferring money are costly and can take days to process.
The CEO also says the speed and ease of token transfers can be applied to the stock market. This can create a less risky structure for the industry.
“On FTX, everyone can send orders straight to the exchange; in equities, only the wealthiest traders can. Which means you can bypass all of the settlement risk from intermediaries.”
He continued and said this:
“But there’s another reason that blockchain helps. Say you tokenize stocks. Instead of waiting two days to settle, you can just swap [Apple’s token with USD token] on a blockchain.”
The crypto market is making massive efforts to recover following recent price losses. Check out the latest reports about the prices involving the king coin below.
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $23,202.