FTX CEO “suggests” some areas that can benefit from blockchain technology

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2022-07-20 00:37:39

While investors are casting doubt on some of the use cases of blockchain during the “crypto winter,” one of the market’s most influential figures, FTX CEO Sam Bankman-Fried, has put it this way. his reinforced point of view.

FTX CEO “suggests” some areas that can benefit from blockchain technology

Sam Bankman-Fried highlighted use cases for blockchain and explained how several industries can benefit from integrating the technology. Accordingly, blockchain technology can simplify payments, limit stock market errors, and revolutionize social media.

The CEO of FTX believes that there are many issues surrounding cross-border payments, giving some examples highlighting long wait times, backlog issues between intermediaries that cause higher fees and often cause confusion. Not sure for the transaction.

Therefore, blockchain will solve this long-standing barrier in the financial sector by replacing the traditional lengthy process with a simple three-step process where the sender creates a wallet, the receiver creates a wallet, and then sends the balance. through each other. The FTX CEO affirmed that the above process will help eliminate waiting times, replace fee structures and meet enough uncertainty.

In addition, Mr. Sam Bankman-Fried continued to point out that blockchain can change the entire stock trading process, which has many weaknesses by citing the famous GameStop event in early 2021 to highlight. enable the challenges faced with controlling long short among traders. He said that in this case tokenization is the answer.

As a result, the FTX CEO argues that cryptographic securities trading and payment solutions implemented on the blockchain will have the ability to complete transactions in seconds and reduce payment uncertainty with a lower fee structure. much.

Interestingly, FTX itself has also been strongly involved in the securities sector this year, most notably the launch of 0% commission stock trading, and the opening of a stablecoin securities payment gateway. of FTX.US and the acquisition of up to 7.6% shares of Robinhood by the CEO of FTX.

Finally, Mr. Sam Bankman-Fried shared that blockchain will contribute to improving the social network to avoid isolation and failure to create a perfect connection as it is now. The CEO of FTX showed how a user has to go through multiple applications to manage separately for different platforms.

Specifically, he revealed blockchain can make social media more interactive, enabling messaging across various platforms. Through the use of public blockchains, it becomes much simpler to relay messages from one social platform to another.

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