Even if you aren't a crypto investor, odds are you've heard of FTX. Maybe you saw the cryptocurrency exchange's deal to own the naming rights for the Miami Heat's arena. Or you've seen its patch on every MLB umpire uniform after paying to be the official crypto exchange of Major League Baseball.
Or, of course, its Super Bowl ad starring Larry David.
After launching only in 2019, FTX has become one of the most recognizable names in crypto as it goes up against rivals like Coinbase and Robinhood. Headquartered in the Bahamas, FTX raised $400 million in January at a $32 billion valuation.
In 2020 FTX launched its American affiliate, FTX US, in an effort to distinguish it from its flagship exchange and to meet U.S. regulations. And the epicenter of its American operations is in Chicago, where the company has established its U.S. headquarters.
Led by President Brett Harrison, FTX US operates out of a temporary office in the West Loop but is planning to soon open a long-term office in the neighborhood that will house between 80 to 100 employees over the next two years, Harrison told Chicago Inno. Harrison and FTX founder Sam Bankman-Fried worked together at Jane Street Capital in New York, and Bankman-Fried tapped Harrison, who's based in Chicago, to head up the company's U.S. operations.
Chicago may not have the crypto reputation of cities like San Francisco or New York, but being home to the Chicago Mercantile Exchange, Chicago Board Options Exchange and other major trading firms, the city was the "perfect place" to open FTX US, Harrison said, who previously worked at Citadel Securities.
"Chicago is an excellent place to build out a financial services company," he said. "It's quickly becoming a very good network for crypto and crypto companies."
FTX US has about 75 total employees. In addition to its Chicago HQ, it has employees sprinkled throughout Miami, San Francisco, New York and other cities. Despite a modest headcount, the firm is well capitalized. FTX US raised $400 million in a separate round from its parent company, which valued the business at $8 billion.
Harrison said FTX US has taken a deliberate approach to hiring, growing its headcount slowly and selectively despite a wave of employees flocking to the crypto industry from traditional finance and tech firms. Harrison said FTX US has hired employees from major trading firms and hedge funds, as well as tech giants like Google and Amazon.
"Crypto is the ultimate brain drain right now," he said.
FTX US has plans to expand beyond its crypto exchange. Last week it opened a waitlist for stock trading, and is looking to add derivatives trading in the near future.
"We basically want to overtake the Chicago Mercantile Exchange," he said.
Having gone from relative obscurity to launching a Super Bowl commercial in a matter of months, Harrison described the company's recent momentum as "just completely insane." And ultimately, it's part of a larger plan to gain the trust of U.S. users who may remain skeptical of an industry that's fallen victim to a string of high-profile hacks.
"Through the power of our branding, sponsorships and advertising, now we're on the map," he said. "People know about us and are talking about us. It's really helped us prepare for what we want to do, which is acquire more users and launch new business lines.
"You can’t do that without establishing the public’s trust in us and knowledge about us as a brand."
