FTX US Launches its Chicago Headquarters With Humanitarian Programs

FTX.US, the United States arm of the FTX Derivatives Exchange has announced it is launching its new headquarters which will be located in Chicago and serve as the office for about 70 employees of the subsidiary. According to the press release shared by the firm, the location of the exchange is in the vibrant Fulton Market neighborhood in the new 167 Green Building.

To make its presence known in the city, the exchange platform said it is partnering with the Equity and Transformation (EAT) organization to “provide $500 per month in supplemental income, financial literacy education, a zero fee bank account with access to investment products and a Visa debit card, to 100 Chicagoans.”

The supplemental income will be paid for 12 consecutive months and will draw beneficiaries from three neighborhoods on Chicago Mayor Lori E. Lightfoot’s radar including Austin, Englewood, and West Garfield Park.

“FTX US is proud to make the city of Chicago our headquarters,” said Brett Harrison, President of FTX US. “The city has long fostered innovation in financial technology. As we work to situate ourselves within that history, we’re even more proud to use our success as a rapidly growing regulated digital assets exchange to have a positive local impact.

“This is why we’re thrilled to announce our partnership with Equity and Transformation to support underbanked communities in Chicago by giving them access to $500 per month in supplemental income, financial literacy education, and a zero fee bank account among other benefits. We look forward to growing here, both as a company and as a resource for those who have been underserved financially throughout Chicago.”

FTX US to Reaffirm the Essence of Crypto in Chicago

Despite being a very developed city, Chicago is replete with a lot of unbanked and underbanked residents, most of which are people of color.

The advent of crypto is aimed at ushering in financial inclusion for all, and the decentralized nature of the technology and its payment model will further help FTX US to reaffirm the essence of the tech to all Chicago residents. With the support from the City’s government, perfecting its business and social services offerings will further aid the growth of the exchange, and the benefits of the city’s residents respectively.

The establishment of the Chicago office will come as one of the latest moves from the trading platform which recently raised $400 million to hit an $8 billion valuation. The firm also unveiled it wants to employ a software developer that will help bolster its blockchain and gaming unit.