https://ift.tt/3sESVd4 exchange FTX plans to offer $1 million to banks to accept stablecoins.

Cryptocurrency exchange FTX is planning to increase the adoption of stablecoins. In a recent Twitter thread, the exchange asked its users if prize money of $1 million would be enough for the first bank in each region to accept stablecoins. Like other cryptocurrencies, stablecoins are also under scrutiny in the United States and other countries. 

FTX witnessed substantial growth in trading volumes and the total number of users.

While central banks around the world are supporting CBDCs, the acceptance of private stablecoins is still a major issue. However, digital exchanges are now stepping up to increase the use of stable digital coins. FTX highlighted that the company is trying to establish partnerships that can facilitate instant deposits and withdrawals. During the recent quarter, FTX witnessed substantial growth in trading volumes and the total number of users. Financial regulators across countries have taken a serious interest in the crypto industry as more and more countries are now regulating the growing industry. 

“FTX users would have near-instant and near-free deposits and withdrawals.”

“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? We’d love to form a relationship like this if it means FTX users would have near-instant and near-free deposits and withdrawals,” FTX exchange Tweeted. Earlier this year, the crypto exchange had raised $420 million in a funding round from some of the prominent international investors, including Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, and Lightspeed Venture Partners.