Blockchain technology is gaining traction in many corners of the global economy, but social media is still a relatively untapped area.

Chief executive of major cryptocurrency exchange FTX, Sam Bankman-Fried, spoke about the potential for blockchain to revolutionize social media at Breakpoint Lisbon.

The FTX CEO said:

“I still think social media on blockchain could be absolutely massive. It has the potential to address a lot of the current issues being highlighted in society.”

He believes that blockchain-based social media platforms could offer users secure and private messaging. He also thinks these networks should be open-source and interoperable.

Bankman-Fried is a strong advocate of Solana, having made it one of his personal investments. He pointed to the fact that Solana could be a great fit for a blockchain-based social media platform due to its capacity for processing large amounts of transactions (over 2,300 per minute).

The FTX CEO also discussed the rising popularity of Decentralized Finance (DeFi). He said:

“A good product combined with a large user base could be a great way to increase DeFi adoption. Many user bases are larger than any DeFi to date, which shows the level of growth in the industry, but it might be nothing compared to the potential of a single platform to generate a lot of traffic.”

FTX has seen an incredible rise and is now one of the leading cryptocurrency exchanges worldwide. In October, it was valued at $25 billion, which is ten times the value it had in the same period last year.