{"id":473452,"date":"2021-10-11T17:00:17","date_gmt":"2021-10-11T17:00:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=473452"},"modified":"2021-10-11T13:48:34","modified_gmt":"2021-10-11T13:48:34","slug":"reason-behind-billions-ftx-tether-purchase","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/reason-behind-billions-ftx-tether-purchase\/","title":{"rendered":"FTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase"},"content":{"rendered":"

The come-up of the FTX cryptocurrency exchange has been one of the most inspiring stories out of the crypto space. Its success put its CEO Sam Bankman-Friend on the path to become one of the richest crypto billionaires. The 29-year-old was featured on the Forbes 2021 List of 400 Richest People In America<\/a>, which saw the CEO named as the richest crypto billionaire.<\/p>\n

Although FTX has had an impressive track record, the road to the present was not always an easy one. CEO Sam Bankman-Fried opened up on some of the challenges the exchange encountered when it had opened its doors for business. In a piece on Bloomberg Businessweek<\/a>, the CEO revealed that the crypto exchange had faced significant challenges in getting the banks onboard.<\/p>\n

Turning To Tether<\/h2>\n

CEO Bankman-Fried told Bloomberg that the company had major problems with getting the banks to work with them. This was because banks are very skeptical about working with crypto-related institutions due to regulatory problems and had refused to work with his exchange. \u201cIf you\u2019re a crypto company, banks are nervous to work with you,\u201d Bankman-Fried said.<\/p>\n

Related Reading |\u00a0Value Of Ethereum Held By Miners Reaches Five-Year Record Levels<\/a><\/strong><\/em><\/p>\n

Taking this in stride, the CEO had turned his attention to something else; Tether. Its ease of use made it the obvious choice for the cryptocurrency exchange in light of its bank issues. Hence, investing in the stablecoin had been the solution to this problem. Tether allowed FTX customers to transact and trade on its platform, and the company could hold Tether instead of going through the hassle of converting crypto to U.S. dollars.<\/p>\n

\"Tether<\/p>\n

USDT price holding steady to dollar | Source: USDTUSD on TradingView.com<\/a><\/pre>\n
Bankman-Fried revealed that the company had purchased billions of dollars of USDT in order to help users trade on their platform. But has clarified that the crypto exchange does not actually treat the stablecoin like it does the dollar.<\/p>\n
Battling It Out With The Law<\/h2>\n
Tether has been in various long-running legal battles. The company has been accused of circumventing laws and bank fraud<\/a>, which resulted in a probe from the U.S. Department of Justice. Another class-action lawsuit<\/a> had been filed against the stablecoin issuer, but Tether had emerged victorious in what it called \u201ca clumsy attempt at a money grab.\u201d<\/p>\n
Related Reading |\u00a0Why A Parabolic Move Is Expected For Bitcoin, Billionaire Mike Novogratz<\/a><\/em><\/strong><\/p>\n
Most of Tether\u2019s woes have been linked to how much of its issued coins are backed by real currency. The stablecoin issuers claim that the coins are 100% by cash and cash equivalents but investors are wary of this as data shows that only about 2.9% of all issued coins are backed by cash reserves<\/a>. The largest of its backing is in commercial papers, which account for about 65.4% of Tether\u2019s reserves.<\/p>\n
Despite these, Tether still remains a top 5 cryptocurrency by market cap. It boasts the highest number of trading pairs in the crypto market and has a market cap of $68 billion.<\/p>\n
Featured image from Decrypt, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
The come-up of the FTX cryptocurrency exchange has been one of the most inspiring stories out of the crypto space. Its success put its CEO Sam Bankman-Friend on the path to become one of the richest crypto billionaires. The 29-year-old was featured on the Forbes 2021 List of 400 Richest People In America, which saw the CEO named as the richest crypto billionaire. Although FTX has had an impressive track record, the road to the present was not always an easy one. CEO Sam Bankman-Fried opened up on some of the challenges the exchange encountered when it had opened its doors for business. In a piece on Bloomberg Businessweek, the CEO revealed that the crypto exchange had faced significant challenges in getting the banks onboard. Turning To Tether CEO Bankman-Fried told Bloomberg that the company had major problems with getting the banks to work with them. This was because banks are very skeptical about working with crypto-related institutions due to regulatory problems and had refused to work with his exchange. \u201cIf you\u2019re a crypto company, banks are nervous to work with you,\u201d Bankman-Fried said. Related Reading |\u00a0Value Of Ethereum Held By Miners Reaches Five-Year Record Levels Taking this in stride, the CEO had turned his attention to something else; Tether. Its ease of use made it the obvious choice for the cryptocurrency exchange in light of its bank issues. Hence, investing in the stablecoin had been the solution to this problem. Tether allowed FTX customers to transact and trade on its platform, and the company could hold Tether instead of going through the hassle of converting crypto to U.S. dollars. USDT price holding steady to dollar | Source: USDTUSD on TradingView.com Bankman-Fried revealed that the company had purchased billions of dollars of USDT in order to help users trade on their platform. But has clarified that the crypto exchange does not actually treat the stablecoin like it does the dollar. Battling It Out With The Law Tether has been in various long-running legal battles. The company has been accused of circumventing laws and bank fraud, which resulted in a probe from the U.S. Department of Justice. Another class-action lawsuit had been filed against the stablecoin issuer, but Tether had emerged victorious in what it called \u201ca clumsy attempt at a money grab.\u201d Related Reading |\u00a0Why A Parabolic Move Is Expected For Bitcoin, Billionaire Mike Novogratz Most of Tether\u2019s woes have been linked to how much of its issued coins are backed by real currency. The stablecoin issuers claim that the coins are 100% by cash and cash equivalents but investors are wary of this as data shows that only about 2.9% of all issued coins are backed by cash reserves. The largest of its backing is in commercial papers, which account for about 65.4% of Tether\u2019s reserves. Despite these, Tether still remains a top 5 cryptocurrency by market cap. It boasts the highest number of trading pairs in the crypto market and has a market cap of $68 billion. Featured image from Decrypt, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":473455,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[71704,84460,83748,4100,10263],"class_list":["post-473452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-ftx","tag-ftx-exchange","tag-sam-bankman-fried","tag-tether","tag-usdt"],"acf":[],"yoast_head":"\nFTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase<\/title>\n<meta name=\"description\" content=\"The come-up of the FTX cryptocurrency exchange has been one of the most inspiring stories out of the crypto space. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"FTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase","url":"http:\/\/uniquehot.com\/news\/reason-behind-billions-ftx-tether-purchase\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/reason-behind-billions-ftx-tether-purchase\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/10\/ftx-ceo-tsm-esports-gID_1.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/10\/ftx-ceo-tsm-esports-gID_1.png?fit=1500%2C844"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ftx","ftx exchange","sam bankman-fried","tether","usdt"],"dateCreated":"2021-10-11T17:00:17Z","datePublished":"2021-10-11T17:00:17Z","dateModified":"2021-10-11T17:00:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"FTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/reason-behind-billions-ftx-tether-purchase\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/reason-behind-billions-ftx-tether-purchase\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/ftx-ceo-tsm-esports-gID_1.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/ftx-ceo-tsm-esports-gID_1.png?fit=1500%2C844\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ftx\",\"ftx exchange\",\"sam bankman-fried\",\"tether\",\"usdt\"],\"dateCreated\":\"2021-10-11T17:00:17Z\",\"datePublished\":\"2021-10-11T17:00:17Z\",\"dateModified\":\"2021-10-11T17:00:17Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/10\/ftx-ceo-tsm-esports-gID_1.png?fit=1500%2C844","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/473452"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=473452"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/473452\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/473455"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=473452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=473452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=473452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}