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Monday, March 20, 2023

FTX Exchange Has Offered A Prize Of $1M

FTX Exchange, a cryptocurrency derivative, has been calling on major banks to opt-in and discuss the possibility of including stablecoins for a reward of $1 million. In a Twitter post on Tuesday, the derivatives platform stated that it had been exploring creating relationships with banks in multiple regions that would allow users to have near-free and near-instant deposits and withdrawals through stablecoins.

The exchange floated the idea of bringing up a $1 million prize for the first financial institution in each region that would be accepting the tokens. 

FTX Exchange Offers $1 Million To Banks

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The main pitch to the FTX Exchange’s more than 350,000 followers on Twitter came after Sam Bankman-Fried, the CEO of the platform, suggested that additional clarity in regulations was necessary for the crypto space- which also included stablecoins- in order to move forward as a financial industry.

As reported by the CEO, the very creation of a framework would confirm how the coins were backed- something that ought to solve 80% of the problems of allowing stablecoins to thrive. 

FTX Exchange also claimed that it had been aiming for an audience that would include but not limit itself to US Banks in calling for an agreement on stablecoins, and would also have no qualms about speaking with credit unions. The exchange has already been incorporated into mainstream culture in Antigua and Barbados, with a headquarter in the Bahamas. 

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The following year has seen quite a few derivative platforms like FTX Exchange turning their attention towards stable coins, with The President’s Working Group on Financial Markets releasing a report the previous month. 

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