Cryptocurrency exchange FTX has been making many moves in 2022, expanding its operations abroad and buying up various failing crypto firms. Now, they seem to be moving its headquarters to the so-called crypto hub of the States, Miami.
FTX Leaves Chicago
Boeing, Caterpillar, Citadel, and other companies are moving out of Chicago, but it’s a crypto behemoth this time. In a tweet released by the exchange’s CEO and co-founder Sam Bankman-Fried, FTX US plans to move to one of the most crypto-friendly cities in the country. Miami is keen to become digital currencies financial capital, launching various creative city initiatives to encourage developers and designers to move to the Magic City.
The company is currently located in Miami’s Brickell district, which has only been there for a year. According to a representative for FTX, the plan is to upgrade the office and have it serve as the company’s headquarters. The project is to launch a larger establishment, though the size of the office and location are yet to be revealed.
FTX has its global headquarters in the Bahamas. But, intending to become the largest regulated crypto trading platform, it makes sense to increase its presence in the US. On top of that, FTX is familiar with Miami, having inked a deal worth $135 million for the naming rights of the waterfront area, where 3-time NBA Champions the Miami Heat play.
Miami Welcomes FTX
It seems like a strange move for the company, having opened up a 9,000-square-foot office as its U.S. headquarters in Chicago just four months earlier. However, Miami has a clear vision for crypto and is making moves to ensure it becomes the nation’s digital capital.
We’ve already seen several crypto companies, including Blockchain.com and Ripple, opening offices in Miami in the past year. The Mayor of Miami, Francis Suarez, has taken some of his salary in cryptocurrency and pioneered the creation of Miami’s native coin.
Suarez is excited by the move, tweeting to comment, “Very honored to have your new U.S. headquarters moving to the MIA. FTX is one of the most innovative companies on the planet.”
Exciting times for Bankman-Fried and FTX, who seem to be in the news almost every day; whether it be an acquisition or revelations of plans to see how his crypto exchange can build during the seemingly endless crypto winter, it’s all looking very positive.