FTX US is expanding its presence in Miami, Florida, where the crypto exchange already has a strong presence.
According to a recent interview with FTX US’s vice president of business development, Avinash Dabir, the company is constructing permanent office space in Miami’s financial district for 16 to 18 employees.
Dabir also stated that there is a significant opportunity in crypto and real estate, though it is still in its early stages. He reportedly envisions a future in which property titles could be NFTs and escrow accounts could be handled by smart contracts.
“I can’t imagine a better place to do that.” “It seems like everyone I talk to outside of crypto is in real estate,” he said.
He also stated that the company’s existing Miami-related partnerships, such as one with Property Markets Group, will aid in the establishment and facilitation of real estate transactions using cryptocurrencies.
FTX’s expanding presence in Miami
This is the latest step in FTX’s strategy to target the crypto-friendly city of Miami.
Earlier this year, the exchange completed a deal with the Miami Heat to rename the NBA team’s home stadium the FTX Arena. The 19-year agreement is part of FTX’s ambitious marketing campaign.
Sam Bankman-Fried, the crypto exchange’s CEO, stated two days ago that the company intends to spend heavily on marketing, specifically sports marketing, in order to increase brand recognition in the crowded crypto exchange space.
“When someone is looking to get into crypto for the first time, we’ve found that they haven’t heard of FTX,” the CEO said earlier this week.
“We’ve been in business for two and a half years. “That’s significantly less than some of the other big names in the crypto exchange business,” he added.