FTX Wants to Pay Your Bank to Accept Stablecoins

Timothy Craig

Dec. 29, 2021

The crypto exchange has suggested offering a $1 million prize to the first bank in each region to accept stablecoins.

FTX Wants to Pay Your Bank to Accept Stablecoins

Shutterstock cover by Ira Lichi

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 (@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.

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