FTX to Give $1M to Banks That Add Stablecoin Support

The FTX cryptocurrency exchange is trying to increase the adoption of stablecoins. On Twitter, the exchange announced that it will allocate $1 mln to regional banks, which will consider and agree to add a deposit and withdrawal service through stablecoins.

Like other digital currencies, stablecoins are under scrutiny from regulators in the United States. While central banks around the world support CBDCs, accepting private stablecoins is still a major issue. However, digital exchanges are now stepping up to increase the use of stablecoins.

FTX emphasized that the company is working hard to establish partnerships that can facilitate instant deposits and withdrawals. The exchange does not exclude an increase in the size of the allocation. FTX is open to partnerships not only with American financial institutions.

Image: BitcoinKE