FTX Exchange Calls out Banks Who Can Accept Stablecoins, Lures Them With $1 Million Prize Money

By Mayowa Adebajo
Published December 29, 2021 Updated December 29, 2021
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FTX Exchange Calls out Banks Who Can Accept Stablecoins, Lures Them With $1 Million Prize Money

By Mayowa Adebajo
Published December 29, 2021 Updated December 29, 2021

Bahamian-based cryptocurrency exchange platform FTX has issued a rallying call to all banks who might be interested in accepting stablecoins in exchange for a $1 million reward.

FTX Offers Mouthwatering Reward To Banks Who Are Ready To Accept Stablecoins

FTX made the announcement on Tuesday via its official Twitter account. And according to the post, the exchange is looking to strike some sort of partnership deal with banks from across different regions. But the deal will see to it that these banks will accept stablecoins from users as they access reasonably faster and near-zero fee deposits and withdrawals.

FTX also floated the idea of offering $1 million prize to every first bank to come forward from each region. However, the post also hints that $1 million is not the benchmark as the exchange may be willing to consider giving more.

This announcement by the exchange firm follows after the CEO Sam Bankman-Fried raised concerns and urged that more regulatory clarity is needed for the crypto industry to blossom even more.

With its rallying call, FTX obviously aimed for an audience that would not be limited to the U.S. alone but would include other banks who are also open to accepting stablecoins.

In 2021, stablecoins have been receiving serious attentions from  U.S. regulators. Sometime in November, the President’s Working Group on Financial Markets released a report suggesting that issuers of stablecoin must be under the scrutiny of an “appropriate federal oversight” just like normal traditional banks are being subjected to.

In the same way, the Undersecretary of the Treasury for Domestic Finance, Nellie Liang also hinted about other laws that may be affecting the coins.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Mayowa Adebajo
148 Articles
Mayowa Adebajo is a fintech enthusiast with a decade-long experience writing news stories and creating content generally. When he's not writing, he's either talking politics or discussing sports.

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