FTX Translation site

FTX is a cryptocurrency exchange based in the Bahamas. It was established in Antigua and Barbuda and has its headquarters in the Bahamas. As of February 2022, the exchange boasts over one million users. FTX operates FTX.US as a separate exchange catering to residents of the United States. The primary goal of FTX is to create wealth for charitable causes, adhering to the principles of effective altruism and donating a portion of its earnings.

History of FTX:

FTX was founded in May 2019 by Sam Bankman-Fried and Gary Wang, both graduates of the Massachusetts Institute of Technology (MIT). Prior to establishing FTX, Bankman-Fried was involved in international ETF trading at Jane Street Capital, a proprietary trading firm, and also founded Alameda Research, a quantitative trading company.

In August 2020, FTX acquired the cryptocurrency portfolio tracking application Blockfolio for $150 million.

In August 2022, the Federal Deposit Insurance Corporation (FDIC) issued a cease-and-desist order accusing FTX of making "false and misleading statements" regarding FDIC insurance on a tweet by FTX President Brett Harrison. Following the letter, Harrison deleted the tweet, and Sam Bankman-Fried clarified in a tweet that FTX does not have FDIC insurance.

On September 26, 2022, FTX.US was announced as the winning bidder for the auction of digital assets of bankrupt cryptocurrency broker Voyager Digital. The transaction is valued at approximately $1.42 billion, including $1.31 billion in cryptocurrency held by Voyager and an additional consideration of $111 million. The transaction is subject to approval by the bankruptcy court and Voyager's creditors.

On September 27, 2022, FTX.US President Brett Harrison announced his resignation from his active role at the exchange but will continue to work in an advisory capacity. The company has not immediately announced a replacement for Harrison, who has served as FTX.US President since May 2021.

FTX's Partnerships:

FTX Arena is located in Miami, Florida.

In April 2021, FTX acquired the naming rights of the Miami Heat basketball arena for a 19-year, $135 million deal and renamed it to FTX Arena in June 2021.

On June 4, 2021, FTX announced a 10-year, $210 million naming rights deal with the esports organization TSM, resulting in the team being officially renamed Team SoloMid FTX. On June 23, 2021, FTX announced a partnership with Major League Baseball (MLB), with the FTX logo appearing on umpires' uniforms as part of the deal. On June 29, 2021, NFL American football player Tom Brady became the brand ambassador of FTX. As part of the collaboration, Brady and his wife Gisele Bündchen became shareholders in FTX.

In August 2021, Kevin O'Leary signed as the official spokesperson for FTX, endorsing cryptocurrency payments that can be managed on the FTX platform. FTX also paid $17.5 million to acquire the ten-year naming rights of the California Memorial Stadium.

In September 2021, FTX announced a long-term partnership with the Mercedes-AMG Petronas Formula One Team, featuring the FTX logo on the cars and uniforms of Lewis Hamilton and George Russell. Other FTX brand ambassadors include NBA player Stephen Curry.

In October 2021, FTX entered the cricket space by signing a global agreement with the International Cricket Council, starting with the T20 World Cup held in the United Arab Emirates in 2021.

In 2022, FTX became the title sponsor of MLB Home Run X, a global home run competition held at multiple international venues.

FTX also served as the title sponsor for the FTX Miami Road and FTX Crypto Cup tournaments, which were part of the 2022 Champions Chess Tour.

In the same year, FTX.US partnered with GameStop with the aim of bringing more GameStop customers into the FTX community and its digital asset marketplace.

Additionally, FTX.US won the bid to purchase the digital assets of Voyager Digital, a bankrupt cryptocurrency company.