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.
- Key Factors that Propelled Ether’s 4X Growth over Bitcoin’s in 2021
- Gold Proponent Peter Schiff Claims Bitcoin is Losing its First-mover Advantage
- Shib’s massive decline cost big whale nearly half of his holdings
- Breaking: Crypto hacks led to $9.8 billion in losses in 2021
- Breaking: Alibaba vice chairman says he “likes crypto”
- Strip Finance’s NFT Multi-Sender Tool Wins 2021 BUIDL IT Hackathon
- Bitcoin (BTC) slides below $50k again as crypto market turns red
- Is Bitcoin (BTC) Going To Hit $100k? Ambitious But Not Utopia
- Bitcoin transaction in EL Salvador sees an 89% decline since the country adopted Bitcoin as legal tender
- Bitcoin breaks $51k resistance, here’s why its key to the next bull run
- Dusk Network Price Analysis: DUSK Price Hints Another Pullback Opportunity For Crypto Investors
- SushiSwap Price Analysis: Rising Channel Pattern Leads Recovery Rally In SUSHI
- Cardano Price Analysis: ADA Price Rally Reclaiming Crucial Resistance Of $1.5
- ICON Price Analysis: ICX Coin 20% Green Despite A Red Flag In Crypto Market
- Price Analysis: Aave Flashed A Death Cross While Pancakeswap Remained Consolidated
- Binance Coin In The Green While Ethereum Falls On Its Chart: Crucial Price Levels
- Price Analysis: Uniswap, Monero, And Helium Soar Again After A Period Of Rocky Trading
- Convex Finance Price Analysis: CVX Token Escapes The Consolidation Phase
- Polkadot Price Analysis: V-Shaped Recovery in DOT Coin Threatens Another Resistance Level
- Solana, Polkadot and VeChain Remain Bullish; Near Term Technicals Suggest Uptrend