The Business Times
business-time-50
PERSPECTIVE

Free banking in the crypto world

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

    • 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

    Tan Tee Khoon (left) has left the firm to pursue other interests; Nicholas Keong will take on the role of head, auction, residential and private office.

    Knight Frank’s Tan Tee Khoon leaves firm, Nicholas Keong takes over auction business

    Plans to set up the biomethane regulatory sandbox was first announced in October last year during the annual Singapore International Energy Week.

    Keppel Energy, Sembcorp Utilities and Tuas Power to supply biomethane in pilot project

    The 38 officers leaving GovTech were primarily in roles structured around traditional project delivery.

    GovTech retrenches another 38 staff in second round of layoffs

    The stock of completed private residential units, excluding ECs, grows by 3,491 units in Q3.

    Take-up of new private homes dives 45% in Q3 as prices accelerate with 1.4% rise

    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