FTX introduces the program to support communities in Chicago with Unterbanken

Veröffentlicht:

Von:

Chicago ftx
  • The company will provide 100 Chicagoers $ 500 per month, financial education, a fee-free bank account and a Visa debit card
  • As far as future programs are concerned, check ftx.us and the city how they could support the residents of Chicagos with global transfers

The US subsidiary of the FTX crypto exchange based on the Bahamas has made Chicago their headquarters and will try out a program that focuses on supporting the city's support.

Brett Harrison, President of FTX.US, said Blockworks said that some of the largest exchanges, trading companies, hedge funds, fintechs and risk capital companies are based in Chicago, which makes it an ideal - albeit competitive - place for recruitment.

The company's goal is to offer the residents of the less wealthy district of Austin, Englewood and West Garfield Park financial relief and economic mobility.

ftx.us works with the non-profit organization Equity and Transformation (EAT) in a one-year program to offer 100 chicagoers $ 500 in additional income, formation in financial competence, a fee-free bank account and a visa debit card.

The step follows a Serie-A round worth $ 400 million by FTX .us in January, which the company rated around $ 8 billion.

The initiative builds on the pilot project in chicago of $ 31.5 million to combat ubiquitous poverty

According to Samir Maykar, Chicago's deputy mayor for economic and neighborhood development, the program, which provides 5,000 Chicagoers for a year, is available to 500 US dollars for a year, the largest municipal cash aid program in the USA.

"To really concentrate on making your products and services accessible to the needy in Chicago is a very innovative way of presenting some of the unique advantages of blockchain technology in a way that can do something here in the local neighborhoods." Mayekar told block works.

An academic partner will carry out a research study in which the effects of the monthly payments of $ 500 and the services for financial integration are examined for the financial stability and economic mobility of the residents.

"We will study this program and see whether it is a practicable, scalable program to continue it in this city to a larger scale," said Harrison.

phase 2

Check FTX and the city for the future an additional program that would concentrate on how the residents of Chicagos could support with global transfers that could start before the end of the year.

chicago is a "immigrant -friendly" city with many residents who send money to families in other countries, said Mayekar. He added that such transactions can be associated with fees of 20 % or more.

"If you look at a transfer pilot project and use the performance of the FTX platform to carry out practically free cash transfers across borders where you can also protect yourself against volatile currencies," said Mayekar.

. .

The Post Ftx Rolls Out Program to Support Underbanked Chicago Communities is not a financial advice.