The market suggested that $1 million would be enough.
Sam Bankman-Freed’s crypto exchange, FTX, is offering to pay every first bank in the region if lending institutions start accepting stablecoins. The market announced this opportunity in a Twitter message.
“How much does it cost to convince a bank to accept a stablecoin? If we offered a $1 million reward to the first bank in every region to do so, would that be enough? “said the stock exchange.
The crypto exchange also invited bank employees to discuss this opportunity. FTX wants its users to be able to deposit and withdraw stablecoins almost instantly and for almost free.
So far, sending and receiving funds from banks to accounts in crypto exchanges is a serious problem for many users. Depending on the type of transfer and bank, credit institutions charge high commissions for deposits and withdrawals, and settlement takes several days.
The acceptance of stablecoins by banks is hampered by the lack of clear sector regulation. The head of the crypto company informed the US Congress about this. The founder of crypto exchange FTX, Sam Bankman-Fried, notes that the traditional banking system is not available to everyone. Cryptocurrencies can help solve this problem, he said.
One of the problems with “stable” cryptocurrencies, according to regulatory authorities, is the lack of evidence of asset collateral. It is noteworthy that the stablecoin market grew by 388% in 2021.
Crypto exchange FTX ranks third in the cryptocurrency trading platform ranking. The trading volume on the platform over the last 24 hours was $2.1 billion.
In October, the crypto exchange raised $420 million in a new acquisition. In early December, media reported that FTX and its American subsidiary were planning to raise another $1.5 billion.
Read also: stablecoins can be a useful part of the financial system, according to the Fed.