The US unit of cryptocurrency exchange, FTX, is expanding its physical presence in the country with a new office in Miami where demand for its services is skyrocketing.
The company already has offices in San Francisco and Chicago.
Avinash Dabir, vice president of business development at FTX US, told Bloomberg in an interview that the new Miami office in the Brickell financial district will have the capacity to accommodate 16 to 18 employees.
Currently, four FTX employees work from a temporary location in the city.
The growing Miami exchange office will focus on business development, partnerships and crypto derivatives products.
The expansion came as the demand for the US FTX platform skyrocketed, both in terms of trading volume and new clients.
The platform recently revealed that its average daily trading volume for the third quarter of 2021 jumped by 512 percent, while the number of users increased by 52 percent.
The decision to establish a permanent base in Miami is also a strategic one, as FTX already has significant risks in the city.
Earlier, FTX bought the rights to the Miami Heat stadium naming for a period of 19 years in a deal worth $135 million.
Meanwhile, FTX is focusing on the US crypto derivatives business with its recent acquisition of LedgerX.
Interestingly, the team behind the new subsidiary is based in Miami, which gives another reason to expand the city into Florida.
FTX started offering derivatives of some small cryptocurrencies and is now growing into one of the major cryptocurrency trading platforms.
Recently, FTX completed a $420 million funding round with a valuation of $25 million.
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