FTX US Opens New Chicago Headquarters and Launches Major Community Investing Initiative FTX US Partners with Equity and Transformation to Pilot the Nation’s Largest Private Guaranteed Income and Banking Inclusion Program in Fall 2022
- FTX US’s New Chicago Headquarters Will Accommodate Seventy Employees
- Head office is located in the bustling Fulton Market area in the new 167 Green Building
CHICAGO, May 10, 2022 /PRNewswire/ — The Chicago Future Fund FTX Pilot is a pilot project scheduled to launch in the fall of 2022 by FTX in partnership with Equity and Transformation (“EAT”) (https://www.eatchicago.org/) provide $500 per month in additional income, financial education, a no-fee bank account with access to investment products and a Visa debit card, to 100 Chicagoans. Neighborhoods targeted for the EAT pilot will align with Mayor Lighftfoot’s Invest South/West and Community Safety programs – Austin, Englewood and West Garfield Park. The program complements EAT’s existing Chicago Future Fund Guaranteed Income pilot for returning residents in West Garfield Park and Mayor Lightfoot’s Chicago Resilient Communities pilot, which is one of the largest monthly relief programs in cash from the country that supports 5,000 low-income households with $500 each month for 12 months.
“This project is one step away from punishing communities in need and one step towards fixing them,” said Richard WallaceFounder and Executive Director of EAT
“FTX US is proud to make the city of Chicago our headquarters,” said Brett Harrison, President of FTX USA. “The city has a long history of encouraging innovation in fintech. As we strive to situate ourselves in this history, we are even prouder to use our success as a regulated digital asset exchange in rapidly growing to make a positive local impact.That’s why we’re thrilled to announce our partnership with Equity and Transformation to support underbanked communities in Chicago giving them access to $500 per month in extra income, financial literacy education, no-fee bank account, among other benefits. We look forward to growing here, both as a business and as a resource for those who have been financially underserved throughout Chicago.”
“As Chicago continues to develop its reputation as a hub of fintech innovation, it is absolutely vital that all of our residents, regardless of their circumstances, can access new technologies,” said Chicago Mayor Lori E. Lightfoot. “With this new FTX pilot, we will be able to ensure that residents from underrepresented backgrounds can access cash assistance, innovative financial service and financial education all in one place. I thank FTX for for partnering with EAT on this important initiative, which will ultimately make our post-pandemic recovery much more equitable and inclusive,” the mayor said. Lori E. Lightfoot.
In a study of University of Chicago National Opinion Research Center, researchers found that 44% of those who own cryptocurrency are minorities, and Asian, Black, and Hispanic Americans are all more likely than white Americans to have participated in crypto ownership -cash. With half of African American households unbanked, or underbanked, in the United States, resulting in a $37.6 billion the “alternative” financial services industry, the crypto-economy serves as a potential gateway to financial inclusion.
“Over the past decade, Chicago has become a global center for fintech, crypto and blockchain companies,” said Samir Mayekar, deputy mayor in charge of economic development and neighborhoods. “These companies’ commitment to financial inclusion is promising and truly emblematic of why Chicago is a unique place to develop a business. We are grateful for FTX.US’ plans to support the commitment to financial inclusion and are pleased that they are calling Chicago residence.”
Inspired by the city of Chicago Chicago Resilient Communities Pilot, the Chicago Future Fund’s FTX Pilot program also aims to provide financial assistance, improve economic mobility and improve the well-being of Chicago residents of the three neighborhoods targeted by the pilot project. Additionally, this pilot project will leverage FTX’s services of a no-fee bank account and financial literacy training as an on-ramp to banking and wealth creation for the 100 participants.
With more than 90 guaranteed income programs in development or launching nationwide, the Chicago Future Fund’s FTX Pilot Project will make a significant contribution to the future of guaranteed income by leading the large-scale private demonstration associated with banking inclusion services for 100 households. An academic partner will be required to conduct a research study to understand the effect of $500 per month and additional financial inclusion services on the financial stability and economic mobility of residents.
More details about the pilot, including eligibility criteria and how to apply, will be released by FTX US and EAT this summer. Stay tuned www.eatchicago.org or @eatorgchicago on social media.
About FTX US
FTX US is a regulated cryptocurrency exchange in the United States, built from the ground up. Its mission is for FTX US to grow the digital currency ecosystem, provide US and international traders with a platform that inspires loyalty, and become a market leader among regulated cryptocurrency exchanges in the US.
To learn more about FTX US, please visit: https://ftx.us/
About the FTX Foundation
The FTX Foundation was founded in 2021 with the same mission as FTX, to make the world a better place. The FTX Foundation is committed to distributing more than $100 million in 2022 to some of the most effective charities and programs in the world.
Equity and Transformation (EAT) is a non-profit community organization founded by and for post-incarceration people. EAT was established in 2018 with a mission to build social and economic equity for Black Chicagoans engaged in the informal economy: the diverse set of economic activities, businesses, jobs, and workers who do not are neither regulated nor protected by the state. EAT implements comprehensive campaigns to increase community safety, ease the burdens of life after incarceration, and dismantle anti-Black racism in Illinois.
In November 2021, EAT has begun disbursements for the Chicago Future Fund, one of the nation’s only guaranteed income pilot programs for formerly incarcerated people. The 18-month pilot program offers $500/month for 30 residents impacted by the West Garfield Park system. The Chicago Future Fund aims to humanize poverty, reduce recidivism, and ultimately build a stronger, safer community in Chicago Western coast.
Group M Strategic Communications (for FTX US)
For media inquiries for the Mayor’s Office, please contact: [email protected]
SOURCE FTX United States