The globally renowned cryptocurrency exchange platform, FTX US has inaugurated a new headquarters in Chicago. The company also announced its partnership with Equity and Transformation (“EAT”) to launch a Chicago Future Fund’s FTX Pilot at the inauguration.
The headquarters is located in the Fulton Market district in the city’s West Loop. The ribbon-cutting ceremony saw the presence of Chicago’s Mayor Lori Lightfoot.
The company, along with the city of Chicago and EAT, will support underbanked Chicago communities according to the pilot
The Mayor said, “Through this new FTX pilot, we will be able to ensure that residents from underrepresented backgrounds can access cash assistance, an innovative financial service, and financial education in one place”
The pilot will select 100 eligible candidates for the sponsorship. It will focus on Chicagoan residents in the areas of Austin, Englewood, and West Garfield Park.
“I thank FTX for partnering with EAT on this important initiative, which will ultimately make our post-pandemic recovery that much more equitable and inclusive.”
All of the selected candidates will receive $500 per month, a no-fee bank account with access to investment products and a Visa Debit card through the FTX platform. They will also receive financial literacy education.
“There are people who don’t have either good or potentially any access to traditional banking services. They have to deal with things like overdraft fees, or not being able to understand their balances in real time,” said Brett Harrison, President of FTX US.
“Through the technology stack that we’ve built at FTX, we have an opportunity to be able to provide some of these basic financial services to people at basically no cost.”
The program is a year-long initiative, starting this fall. The program is in line with the Mayor’s Chicago Resilient Communities Pilot and EAT’s existing Chicago Future Fund.
The philanthropic measures of FTX do not come as a surprise. The CEO of the company, Sam Bankman-Fried has previously pledged to donate all of his wealth, proving himself to be a crypto Robinhood.
FTX has been on a path of global expansion since its inception in 2019. The company has acquired a massive following and customer base in a very short period of time.
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