Crypto Exchange FTX Expands Base to Miami as US Demand Rises
The US unit of the crypto exchange FTX is further expanding its physical presence in the country with a new office in Miami as demand for its services is skyrocketing. The exchange already has offices in San Francisco and Chicago.
Avinash Dabir, FTX US’s vice president of business development, told Bloomberg in an interview that the new Miami office in the Brickell financial district will have a capacity to accommodate between 16 to 18 employees. Currently, four FTX staff are working from a temporary venue in the city.
The Miami office of the growing exchange will focus on business development, partnerships, and derivatives products.
A Strategic Expansion
The expansion came when demand on the FTX US platform is skyrocketing, both in terms of the trading volume and new clients. The platform recently disclosed that its average daily volume (ADV) for the third quarter of 2021 jumped by 512 percent, while the user count skyrocketed by 52 percent.
The decision to establish a permanent base in Miami is also strategic, as FTX already has high stakes in the city. Earlier, it bought the naming rights of the Miami Heat stadium for 19 years in a deal worth $135 million.
Meanwhile, FTX is focusing on the crypto derivatives business in the United States with its recent acquisition of LedgerX. Interestingly, the team behind the new subsidiary also sits in Miami, giving another reason for the expansion to the city in the state of Florida.
FTX, which started by offering derivatives of some of the minor cryptocurrencies, is now growing to be one of the major crypto exchanges. It recently closed a $420 million funding round with a valuation of $25 million.
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