The Business Times
business-time-50
PERSPECTIVE
·
SUBSCRIBERS

Free banking in the crypto world

All stablecoins and crypto exchanges will eventually be fully backed. The question is when.

google-preferred-sourceAdd BT as a preferred source
    • Binance backed out of plans to acquire FTX, the company said on Wednesday (Nov 9).
    • Binance backed out of plans to acquire FTX, the company said on Wednesday (Nov 9). REUTERS

    Xie Taojun, Ammu George, Liu Jingting

    Published Fri, Nov 11, 2022 · 12:00 PM

    THE crypto world has just gone through some turbulent days.

    The value of FTT, a digital token, crashed after Changpeng Zhao (CZ), chief executive officer of Binance, tweeted about liquidating his company’s holdings of FTT, sending shockwaves across the cryptocurrency market. FTX, one of the world’s largest cryptocurrency exchanges and the issuer of FTT, soon suffered a liquidity crunch as the value of FTT plunged.

    It is certainly not the first time that concerns around a crypto exchange’s asset holdings resulted in a market crash, but the impact this time seems to be larger.

    CryptocurrenciesBinanceFTXStablecoins

    TRENDING NOW

    The bungalow's transacted price works out to about S$3,169 psf on the freehold land area of 23,979 sq ft.

    Shanda co-founder sells Tanglin Hill bungalow for S$76 million

    The departure of food manufacturing operations from Singapore may not necessarily be reason for concern.

    Yeo’s, Tiger Beer and now Gardenia – flight of food manufacturing from Singapore might be just as planned

    Beyond structural portfolio shifts, the study highlighted paradoxes regarding intergenerational wealth planning and succession.

    Nearly half of Apac’s wealthy expect market crash or correction, plan to rotate to cash: study

    Jumbo Group says its landlord, the National Parks Board, is studying the redevelopment of East Coast Seafood Centre in tandem with longer-term plans for the park.

    Jumbo Seafood to close flagship East Coast Seafood Centre outlet on Sep 30

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More