FTX Wants to Pay Your Bank to Accept Stablecoins
Share this article
Crypto exchange FTX is looking to work with global banks to integrate stablecoin deposits and withdrawals.
FTX Solicits Banks
FTX is trying to grease the palms of banks across the globe.
The crypto exchange’s official Twitter account put out a tweet Tuesday night, questioning how much it would cost to “convince a bank to accept stablecoins.”
How much would it cost to convince a bank to accept stablecoins?
If we offered a $1m prize for the first bank in each region that does it is that enough?
Do you work for a bank and want to discuss this?
— FTX – Built By Traders, For Traders (@FTX_Official) December 28, 2021
In the tweet, FTX also suggests offering a $1 million prize to the first bank in each region to accept stablecoins before asking if anyone working for a bank would be willing to discuss the idea further.
The exchange clarified the reason behind the proposition in a follow-up tweet, stating, “We’d love to form a relationship like this if it means FTX users would have near instant and near free deposits and withdrawals.”
Currently, sending and receiving funds from banks to crypto exchanges is a major pain point for many users. Depending on the type of transfer and bank, deposits and withdrawals can incur significant fees and take several days to clear.
FTX is currently the third-largest crypto exchange by trading volume. The exchange has quickly risen up the ranks over the past year thanks to a blow-out advertising campaign that featured a TV commercial with NFL star Tom Brady, as well as partnerships with several sports teams, including the NBA’s Miami Heat and Golden State Warriors.
Earlier in December, FTX CEO Sam Bankman-Fried was also one of several figures from the cryptocurrency industry to speak on cryptocurrency regulation before the House Financial Services Committee. Bankman-Fried suggested that crypto exchanges should be able to select a single primary regulator instead of being governed by the restrictive policies of the Securities and Exchange Commission.
Disclosure: At the time of writing this feature, the author owned FTT, SOL, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
FTX Proposes Changes to U.S. Crypto Regulations
Crypto exchange FTX has published a document suggesting changes to U.S. regulations that could provide greater flexibility. The document lays out ten principles. FTX Wants Primary Regulator Option FTX has weighed…
FTX Partners With the NBA’s Golden State Warriors
FTX U.S. has partnered with the NBA team the Golden State Warriors, according to a press release published on Tuesday. The partnership will see the Golden State Warriors team drop…
Tom Brady, Gisele Bündchen Back FTX Exchange
American football superstar Tom Brady and his supermodel partner Gisele Bündchen have taken an equity stake in the cryptocurrency exchange FTX. FTX Targeting Explosive Growth Tom Brady and Gisele Bündchen…
What is a Crypto Airdrop: Why Projects Airdrop Crypto
Crypto airdrops occur when new tokens are freely distributed to different wallets in order to drive initial growth and build a community. They represent a popular marketing tactic that new projects use to spread…