Crypto Exchange FTX US to Double-Down on Miami Presence

By Scott Chipolina

FTX US is expanding its presence in Miami, Florida, where the crypto exchange has already established a firm foothold.

The firm is building permanent office space for 16 to 18 employees in Miami’s financial district, according to a recent Bloomberg interview with FTX US’s vice president of business development, Avinash Dabir.

Dabir also said there is a significant opportunity in crypto and real estate—albeit in its early stages. He reportedly imagines a time in the future when property titles could be NFTs, or escrow accounts could be handled via smart contracts.

“I can’t think of a better place to do that. It feels like everyone I talk to is in real estate, outside of crypto,” he told Bloomberg.

He also added that the company’s existing Miami-related partnerships, including one with Property Markets Group, will help establish and facilitate real estate transactions via cryptocurrencies.

FTX’s growing Miami footprint

This is the latest move in FTX’s focus on the crypto-friendly city of Miami.

Earlier this year, the exchange finalized a deal with the Miami Heat that saw the NBA franchise’s home stadium renamed the FTX Arena. The deal—which is in place for 19 years—is part of FTX’s ambitious marketing push.

FTX Is Spending Big on Marketing Because ‘We’re Behind on Name Recognition’: CEO

Two days ago, Sam Bankman-Fried said the crypto exchange is looking to spend big on marketing—specifically sports marketing—to boost name recognition in a crowded crypto exchange space.

“When someone’s looking to get involved in crypto for the first time, we’ve found that they haven’t heard of FTX,” the CEO said during the Decrypt and Yahoo Finance Crypto Goes Mainstream event earlier this week.

“We’ve been around for two and a half years. That’s a lot less than some of the other big names in the crypto exchange business,” he added.