Crypto Exchange FTX Expands Base to Miami as US Demand Rises

The US unit of the crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, FTX is 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 the 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 as demand on the FTX US platform is skyrocketing, both in terms of 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 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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, is now growing to be one of the major crypto exchanges. Recently, it closed a $420 million funding round with a valuation of $25 million.