FTX Exchange Offers $1M To First Bank That Will Accept Stablecoin

FTX Exchange offers $1 million to the first Bank in each region that will start accepting Stablecoins as we are reading more in today’s cryptocurrency news today.

A stablecoin is a stable cryptocurrency that is designed to stay resistant to price volatility synonymous with cryptos like BTC and Ether. The stablecoin is often backed by a reserve of fiat money or a basket of fiat money. The FTX exchange offers $1 million to the first bank in each region as the exchange was establishing cooperative relationships across the world to facilitate the use of stablecoins for deposits, transactions, and withdrawal of funds.

The FTX team hinted that it can pay more than $1 million in bonuses to reward the first bank that will accept the tokens. Sam Bankman-Fried who is the CEO of FTX Trading Limited said that the crypto field needs to be regulated while still allowing liquidity to move onshore to the US as well as to Europe and other jurisdictions. He noted:

“Stablecoins are maybe the most straightforward: create a reporting/transparency/auditing based framework to ensure they are backed.”

The FTX exchange stated that the target audience includes Bank of America and it calls on for agreement on stabloecoins while willing to talk to credit unions. In 2021, regulators from other countries turned their attention to stablecoins. As per the latest reports, Myanmar’s shadow political entity the National Unity Government adopted Tether’s stablecoin as the primary currency as the faction looks to bypass laid down sanctions from the regime. The Financial Stability Board also cited the duo of government-issued Central Bank Digital Currencies and stablecoins are main drivers in pursuing a better cross-border system.

As recently reported, FTX US makes new deals with the NBA Wizards and NHL’s Capitals of Washington, continuing its sports spree after it cut deals with Golden State Warriors, MLB, and Miami Heat. The deals were penned with Monumental Sports and Entertainment that owns the Wizards, Washington Mystics, and Capitals. What’s more, FTX US is now the official crypto exchange of Monumental Sports Entertainment and its client as well as an NFT partner. The crypto exchange locked down some agreements with two other NBA franchises in 2021 and back in May, it agreed to a 19-year deal with the Miami Heat that included naming rights to the team’s arena with the arena overtaking the former American Airlines Arena.