FTX suggests $1M reward for banks that accepts stablecoin

FTX suggests $1M reward for banks that accepts stablecoin

Popular crypto derivatives exchange FTX wants to offer incentives to banks that are willing to handle stablecoins. In a Twitter post made Tuesday, the exchange has suggested a reward of $1 million to “the first bank in each region” that wants to deal with such tokens.

How much would it cost to convince a bank to accept stablecoins? If we offered a $1m prize for the first bank in each region that does it is that enough?Do you work for a bank and want to discuss this?— FTX – Built By Traders, For Traders (@FTX_Official) December 28, 2021

FTX wants to persuade banks to accept and offer services in stablecoins, asking if any of its followers work for a bank that wants to discuss this possibility. The exchange said this will allow FTX users to avail almost instant and free transactions.

“We’d love to form a relationship like this if it means FTX users would have near instant and near free deposits and withdrawals,” FTX said in a tweet.

FTX’s tweet comes after the exchange CEO Sam-Bankman Fried called for regulatory clarity on crypto assets and stablecoins at a congressional hearing on December 8. He mentioned that Stablecoin has the advantage of being able to make immediate payments and reducing the risk of intermediaries and counterparties.

In a series of tweets made Tuesday, SPF expressed the need for crypto regulations, stressing heavily on regulations of stablecoins. He explained that regulations on stablecoins areprobably the simplest. Authorities need to simply create a framework based on reporting, transparency, and auditing to ensure that stablecoins are backed.

He added:

“It’s important, while doing so, to make sure that an open network can grow; if the network is restricted to existing banks, it defeats most of the purpose.”

17) The goal of all of this is to come out stronger.To emerge with customer protection and regulatory clarity in a way that consumers and institutions alike feel comfortable interfacing with the digital asset ecosystem.— SBF (@SBF_FTX) December 27, 2021

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