A month after moving its US headquarters to Miami, FTX US has called its staff to relocate to the city as per a post by The Block.
According to sources familiar with the matter, the call was to get its staff in the same location to ensure communication among workers. Although its other US offices are still open for business, the firm is looking to concentrate its workforce in one location and will therefore trim the workforce in other places.
Interestingly Jack Dexter, its new president, is also a Miami resident. The firm is urging its staff to make the move in November. Also, all of the open positions in the firm are based in Miami according to information from FTX’s career page.
Recall that Bratt Harrison resigned from his role as president of FTX US to take up an advisory position last month. Harrison grew the firm from three multi-tasking employees to a team of over 100 experts across technology, business development, legal, compliance, operations, and customer service.
Miami develops into a crypto hub
Back in September, FTX CEO Sam Bankman-Fried announced that FTX US shifted its headquarters to Miami from Chicago. The move was lauded by the city Mayor, Francis Suarez who is a crypto advocate and has made attracting crypto firms a priority for his administration.
The exchange already has a dominating presence in the city after acquiring the naming right to the Miami Heat Arena for $135 million. Interestingly, Miami is growing into a hotspot for crypto firms in the US as several crypto firms startups have a presence in the city. The city host several crypto firms including Blockchain.com and eToro.
Meanwhile, Texas regulators launched investigations into the exchange firm earlier in the month for allegedly offering unregistered securities in the form of yield-bearing accounts to us residents.
The exchange also reached a performance-based agreement with BlockFi. According to the agreement FTX US can acquire BlockFi for a baseline price of $15 million should it fail to meet certain conditions.