The FTX Exchange offers a $1 million prize for banks to accept stablecoins
Stablecoins such as the USDT and USDC are under control in the United States, with some lawmakers calling for even more regulatory oversight of the industry. The FTX exchange for cryptocurrency derivatives is now asking banks to address and discuss the possibility of accepting stablecoins in exchange for a $1 million reward.
In a Twitter post on Tuesday, FTX exchange said it was exploring relationships with banks in different regions to allow users to have “near-instant and near-free deposits and withdrawals” by using stablecoins. Thus, FTX proposed a $1 million prize for the first bank in each region to accept these coins, but suggested it would be open to offering more, according to cointelegraph.com
The more than 350,000 people following FTX exchange on Twitter arrived there from following FTX CEO Sam Bankman-Fried, or SBF, who suggested that further clarity regarding regulations is needed for the crypto space, including stablecoins, to advance as an industry. According to the CEO, creating a “reporting/transparency/auditing based framework” that would clearly explain how stablecoins are backed would “solve 80% of the problems while allowing stablecoins to thrive onshore.”
FTX said it is targeting an audience, including, but not limited to, US banks that are seeking an agreement on Stablecoins and will be open to talking to credit unions. The exchange is incorporated in Antigua and Barbuda and is based in the Bahamas, but also operates FTX US for its users based in the United States.
“We just acquired a bank and this is a good idea,” said Oliver von Landsberg-Sadie, CEO of BCB Group in London. “No prize required by us, you are already a client of ours, and we all gain in the long run.”
Many U.S. regulators have turned their attention to stablecoins this year, with the chair of the financial markets working group launching a report in November suggesting that issuers should be subject to “appropriate federal oversight” just like that of the banks. Nellie Liang, Undersecretary of the Treasury for Domestic Finance, also alluded to additional laws affecting stablecoins.
Follow up with all the cryptocurrency-related news in one place with a unique feature in our Whaletank smartphone app, available for Android devices on Google Play now! We have designed it to keep up on the most influential non-fake resources only, including all kinds of sources such as Presidents, CEO’s, influential individuals in the financial section – whenever they say anything about Bitcoin, you see it first.
This feature collects data from over 100 sources; among them are the largest financial media places such as Forbes, WSJ, Bloomberg, The Telegraph, etc.
Our application also follows regulatory entities such as SEC, IMF, FCA, and important characters such as Donald Trump, Warren Buffet, Bill Gates, and many more financial influencers, even banks and their CEO’s.
Nothing important will slip away from you as long as you follow this amazing feature in real-time.
www.whaletank.trade
The post The FTX Exchange offers a $1 million prize for banks to accept stablecoins appeared first on Whaletank Blog - Market Maker News.
Read more: https://whaletank.trade/blog/the-ftx-exchange-offers-a-1-million/
Text source: Whaletank Blog – Market Maker News
