FTX.US announces establishment of headquarters in Chicago and launches community economy pilot program
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FTX.US announces establishment of headquarters in Chicago and launches community economy pilot program
Make economic recovery more equitable.
Navigating Web3 tides with focused insightsFTX.US, a U.S. regulated exchange, today announced the establishment of its headquarters in Chicago and launched a community economic and education initiative in partnership with Equity and Transformation (EAT).
On May 10, FTX.US announced it will establish its headquarters in Chicago and launch a community pilot program. The program will initially provide 100 households in Chicago with a no-fee bank account and debit card, a monthly stipend of $500, investment tools, and financial education resources.
Inspired by and designed to complement the Chicago Future Funds from Equity and Transformation (EAT), a nonprofit organization, FTX.US’s pilot program aims to expand financial inclusion.
EAT is a community-led nonprofit founded in 2018 with a mission to advance economic prosperity for Black communities in Chicago. The organization believes that existing systems have excluded people of color from the mainstream economy. EAT’s Chicago Future Funds currently provides guaranteed minimum income support to residents in West Garfield Park, a neighborhood in Chicago.
Richard Wallace, founder and executive director of EAT, said:
“FTX’s pilot program supports those marginalized by the current system and represents another step forward in healing our communities.”
Chicago Mayor Praises FTX: Promoting Equitable Post-Pandemic Recovery
Additionally, Chicago Mayor Lori Lightfoot has launched a community safety initiative called “Invest South/West,” one of the largest monthly cash assistance programs in the United States, supporting 5,000 low-income families with $500 per month for 12 months.
Mayor Lori Lightfoot also commended FTX’s initiative:
“FTX’s pilot program ensures residents from specific underrepresented backgrounds gain access to stable cash assistance, financial services, and financial education. I sincerely thank FTX and EAT for making this possible, advancing a more equitable and inclusive recovery for all communities following the pandemic.”
According to the National Opinion Research Center at the University of Chicago, 44% of cryptocurrency holders in the U.S. belong to minority groups. Asian, Black, and Hispanic Americans are more likely than white Americans to participate in the crypto market.
This is partly because half of Black households in the U.S. are unbanked or have zero balances in their bank accounts. This has led to the rise of “alternative financial services,” a sector now valued at $37.6 billion. Cryptoeconomics has previously demonstrated potential as an alternative, enhancing financial inclusion—this insight helped inspire FTX’s pilot program.
It is reported that FTX’s current pilot will leverage its no-fee banking accounts and financial education services to help the initial 100 Chicago households integrate into the financial system. In the future, FTX plans to launch over 90 similar initiatives across the United States. By demonstrating large-scale household financial inclusion, the program aims to catalyze broader adoption and prove that financial inclusivity is achievable.
FTX will invite an academic partner to conduct research on how a $500 monthly guaranteed income, combined with financial education and services, impacts household financial stability.
Brett Harrison, President of FTX.US, said:
“It’s an honor for FTX.US to call Chicago home. This city has long supported innovation in financial technology. That’s why we’re partnering with EAT to provide community families with $500 in supplemental income, financial literacy education, and fee-free financial accounts. We look forward to growing here in Chicago, both as a company and as a contributor to greater financial inclusion in the city.”
Samir Mayekar, Deputy Chief of the Department of Economic and Community Development in Chicago, summarized:
“Over the past decade, Chicago has become a hub for fintech, cryptocurrency, and blockchain industries. These companies have also affirmed that financial inclusion is possible. We’re grateful for FTX’s support and thrilled they’ve chosen Chicago as their home, becoming part of our community.”
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