FTX US opens new Chicago headquarters and launches major community investment initiative by DailyCoin

FTX US opens new Chicago headquarters and launches major community investment initiative

The Chicago Future Fund FTX Pilot Program is a pilot project to be launched in the fall of 2022 by FTX in partnership with Equity and Transformation (“EAT”) to provide $500 per month in additional income, financial education, a bank account toll-free with access to investment products and a Visa debit card (NYSE:) to 100 Chicagoans. The 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 supporting 5,000 low-income households with $500 per month for 12 months.

“This project is one step away from punishing communities in need and one step towards repairing them,” said Richard Wallace, Founder and Executive Director of EAT

“FTX US is proud to make the city of Chicago our headquarters,” said Brett Harrison, President of FTX US. “The city has a long history of encouraging innovation in fintech. As we strive to situate ourselves in this story, we are even more proud to use our success as a rapidly growing regulated digital asset exchange to have a positive local impact. That’s why we’re thrilled to announce our partnership with Equity and Transformation to support Chicago’s underbanked communities by providing access to $500 per month in additional income, financial education, a no-fee bank account, among other advantages. We look forward to growing here, both as a business and as a resource for those who have been financially underserved across 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 the mayor of Chicago, 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 partnering with EAT on this important initiative, which will ultimately make our post-pandemic recovery much more equitable and inclusive,” said Mayor Lori E. Lightfoot.

In a study by the National Opinion Research Center at the University of Chicago, researchers found that 44% of those who own cryptocurrency are minorities, and Asian, Black, and Hispanic Americans are all more likely than white Americans for participating in cryptocurrency ownership. With half of African American households unbanked or underbanked in the United States, translating into a $37.6 billion “alternative” financial services industry, the crypto economy serves as a potential gateway to the financial inclusion.

“Over the past decade, Chicago has become a global hub for fintech, crypto and blockchain companies,” said Samir Mayekar, deputy mayor for economic development and neighborhoods. “These companies’ commitment to financial inclusion is promising and truly emblematic of why Chicago is such a unique place to grow a business. We are grateful for FTX.US’ plans to support the commitment to financial inclusion and are pleased that they call Chicago home.

Modeled after the City of Chicago’s Chicago Resilient Communities Pilot, the Chicago Future Fund’s FTX Pilot also aims to provide financial relief, improve economic mobility, and improve the well-being of Chicago residents in the pilot’s three target neighborhoods. . 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 brought in to conduct a research study to understand the effect of $500 per month and accompanying financial inclusion services on the financial stability and economic mobility of residents.

Continue reading on DailyCoin

Jill E. Washington