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FTX breaks ground on $60 million headquarters 

Cryptocurrency exchange FTX broke ground on its $60 million headquarters yesterday, revealing plans and sketches at the ceremony that show two hotel towers, offices and an athletics center. The company expects construction to begin in about three months, the company’s Vice President for Communications and Corporate Social Responsibility Valdez Russell told the media.

Prime Minister Philip Davis was on hand to bring remarks at the ceremony and said the FTX campus will rival that of Google’s headquarters.

Chief Executive Officer of FTX Sam Bankman-Fried said he is happy that his company is finally putting down roots in a country. He said FTX searched the globe with a fine-tooth comb to find a well-regulated jurisdiction to set up shop.

“We sort of went country by country and crossed off the ones that required a license but could not grant one,” said Bankman-Fried.

“There were about six or so that we didn’t quite cross off that we are sort of actively investigating as sort of a maybe. And, of course, we had a lot of criteria as well when you think about being a good place to be, when you think about being in a good, functional, democratic country, when you look at what it is actually like to be on the ground there.

“We weren’t sure where we’d end up and about half-way through that process of sort of investigating the few countries that sort of were investigating the possibility of creating regulatory regimes for cryptocurrencies and of sort of exploring what it was like to be there, we sort of got word that one of them actually had already passed a cryptocurrency regulation regime, one of the only jurisdictions in the world to do so, and that the few emissaries we had sent out to check it out had a really, really good experience. That was The Bahamas.

“Halfway through the process of trying to figure out where we would be, The Bahamas sort of jumped all the way to the front.”

Bankman-Fried said the work that has been done by the Securities Commission of The Bahamas and the government went a long way in helping FTX to make the decision to move its company to this country.

Russell said environmental studies and subsequent requirements need to be completed before foundation work can begin on the campus. He said the contractor who has been hired to carry out the work will be announced next week, adding that there will be a mix of local and international firms working to bring the entire campus to life.

“We know that once we start we are going to move ahead fairly ambitiously and aggressively,” said Russell.

“We want to stimulate the economy. We want to have more spaces that more Bahamians can access, and we want to really show to the world that our global headquarters is something that you can see, touch and feel and will make a difference in the digital asset space.”

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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