- FTX US is pushing its staff to relocate to Miami, the firm’s new hub.
- The company has strong ties with Miami and is the exclusive crypto partner of the basketball club Miami Heat.
- Miami has been making moves to transform itself into the leading digital asset hub in the US, and this move brings it one step closer to the goal.
FTX US, a top virtual currency service provider, is urging its employees to move to Miami to streamline communications between themselves.
FTX US is looking to centralize its operations by asking employees to move to Miami by mid-November. Insiders with knowledge of the matter say that the reason for the decision is to improve communications between teams and have staff in one place.
The exchange will not shut down its other offices around the country; rather, it will operate on a lean structure, with the bulk of operations transferred to Miami. Available roles on the company’s career page are located in Miami, while only the role of Institutional Account Executive is based out of Chicago, Illinois.
In September, FTX CEO Sam Bankman-Fried announced that FTX.US would be moving its headquarters from Chicago to Miami. The move to Miami comes on the heels of FTX.US investments in the city in the past, like sponsoring Miami Heats and acquiring the naming rights of the team’s home in a deal worth $135 million.
“Very honored to have your new US headquarters moving to Miami,” said Francis Suarez, Miami’s mayor. Suarez was effusive in his praise for the move to his city, saying that FTX is “one of the most innovative companies on the planet.”
The company has been rocked by key changes in the last few months, with the firm’s president Brett Harrison stepping down from his role at the end of September. He revealed via Twitter that he will be transferring his responsibilities and transitioning into an advisory role.
“I’m remaining in the industry with the goal of removing technological barriers to full participation in and maturation of global crypto markets, both centralized and decentralized,” he said.
Miami is the biggest winner
Miami has been attracting digital asset firms to set up operations in the city with its allure for friendly regulations and a vibrant local ecosystem. Yuga Labs, Maple Finance, and MoonPay are some of the industry players with major operating bases in the city, and the addition of FTX.US is another milestone for the city.
The city has been playing host to several crypto conferences over the years and launched its own token – Miami Coin. Francis Suarez, the city’s Mayor, has been receiving his salary in Bitcoin as proof of his dedication to the asset class at the heart of the moves to transform the city into a crypto paradise.
“Educating policymakers on how to derive utility from this technology will be pivotal in making it more ubiquitous in our lives,” said Suarez in an interview.