Crypto derivatives exchange FTX is reportedly urging banks to reach out and talk about the potential acceptance of stable coins, to receive a $1 million reward.

Specifically, FTX reportedly took to Twitter to reveal details of its efforts to begin establishing relationships with banks across different jurisdictions, to equip users with the ability to have “near-instant and near-free deposits and withdrawals” via stable coins.

The exchange reportedly put out the idea of offering a $1 million prize for the first bank in every jurisdiction to accept the tokens but hinted it would not hesitate to offer more.

The pitch to the exchange’s over 350,000 Twitter followers reportedly surfaced after Sam Bankman-Fried – current Head of FTX – issued recommendations regarding the necessity of an increase in regulatory clarity to support the crypto sphere – including stable coins – to further develop as a sector.

Per the CEO, forming a “reporting/transparency/auditing based framework” facilitating the confirmation of the way coins are backed would “solve 80% of the problems while allowing stable coins to thrive onshore.”

FTX further shared that it has a primary target of catering to a demographic including but not limited to U.S. banks in calling for an agreement on stable coins, and would not hesitate to discuss with credit unions.

The exchange is incorporated in Antigua and Barbuda and headquartered in The Bahamas but also operates FTX US for U.S. users.

“We just acquired a bank and this is a good idea.No prize is required by us, you are already a client of ours, and we all gain in the long run.” Head of the London-based BCB Group Oliver von Landsberg-Sadie additionally remarked.