Thursday, January 27, 2022

FTX Plans to Offer $1 Million for the Acceptance of Stablecoins

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Cryptocurrency Exchange FTX is planning to improve the adoption of stablecoins. In a latest Twitter thread, the trade requested its customers if prize cash of $1 million could be sufficient for the first financial institution in every area to settle for stablecoins.

Like different digital currencies, stablecoins are additionally beneath scrutiny in the US. While central banks round the world are supporting CBDCs, the acceptance of personal stablecoins remains to be a serious situation. However, digital exchanges are actually stepping up to improve the use of secure digital cash.

FTX highlighted that the firm is placing its efforts to set up partnerships that may facilitate on the spot deposits and withdrawals. During the latest quarter, FTX witnessed substantial development in buying and selling volumes and the complete quantity of customers.

“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 Tweeted.

In October 2021, FTX raised $420 million in a funding spherical from some of the distinguished worldwide traders, together with Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, and Lightspeed Venture Partners.

SBF on Crypto Volatility

In a latest interview with The Block, Sam Bankman-Fried (SBF), CEO of FTX, mentioned that it’s not a good suggestion to have extraordinarily excessive leverage on excessive buying and selling positions.

“Where does that leave you? I think where it leaves you is, yeah, you need to have substantial collateral backing large positions, you need to understand the volatility of the asset, you need to understand 50% moves have happened before,” SBF instructed The Block.

Cryptocurrency Exchange FTX is planning to improve the adoption of stablecoins. In a latest Twitter thread, the trade requested its customers if prize cash of $1 million could be sufficient for the first financial institution in every area to settle for stablecoins.

Like different digital currencies, stablecoins are additionally beneath scrutiny in the US. While central banks round the world are supporting CBDCs, the acceptance of personal stablecoins remains to be a serious situation. However, digital exchanges are actually stepping up to improve the use of secure digital cash.

FTX highlighted that the firm is placing its efforts to set up partnerships that may facilitate on the spot deposits and withdrawals. During the latest quarter, FTX witnessed substantial development in buying and selling volumes and the complete quantity of customers.

“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 Tweeted.

In October 2021, FTX raised $420 million in a funding spherical from some of the distinguished worldwide traders, together with Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, and Lightspeed Venture Partners.

SBF on Crypto Volatility

In a latest interview with The Block, Sam Bankman-Fried (SBF), CEO of FTX, mentioned that it’s not a good suggestion to have extraordinarily excessive leverage on excessive buying and selling positions.

“Where does that leave you? I think where it leaves you is, yeah, you need to have substantial collateral backing large positions, you need to understand the volatility of the asset, you need to understand 50% moves have happened before,” SBF instructed The Block.





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