Hong Kong-based cryptocurrency exchange FTX has plans to establish a “substantial presence” in the U.S.
According to a June 10 report by the Miami Herald, the company plans to open an office in the Magic City.
CEO Sam Bankman-Fried has not shared any details concerning how many people the exchange plans to hire in Miami.
In March, the exchange reached a $135 million naming rights deal with Miami-Dade County to rename American Airlines Arena to FTX Arena.
While FTX does not allow U.S. users to trade, it also has a local exchange called FTX.US that was launched back in May 2020.
A mecca for crypto businesses
South Florida has become a key destination for financial firms because of its low corporate tax and zero income tax, with the likes of Blackstone moving to open offices there.
Miami has turned into a mecca for crypto firms even more because of Mayor Francis Suarez’s pro-crypto policies.
The recently held Bitcoin 2021 conference ended up being the biggest crypto event ever, with over 12,000 attendees.