Business

PM officially opens FTX office, invites more fintech firms to Bahamas

Prime Minister Philip Brave Davis officially opened the office of digital asset exchange FTX Digital Markets yesterday. He explained during his address that it is his hope that the domiciling of an FTX office in The Bahamas will be a catalyst for more fintech firms to open offices.

Davis, who joined FTX owner Sam Bankman-Fried in cutting the ceremonial ribbon marking the opening, said the arrival of FTX in The Bahamas is a testament that the country is headed down the right path in becoming a fintech hub.

He lauded the creation of the Digital Assets and Registered Exchanges (DARE) Act and praised the Securities Commission of The Bahamas for its work in building out the sector.

“We hope more companies within the cryptocurrency and blockchain markets will see The Bahamas as an ideal destination for their operations,” said Davis.

“I believe that the relocation of the world’s third-largest cryptocurrency exchange to our shores sends a clear signal to the rest of the fintech world that The Bahamas is open for business. Companies like FTX want to be in a well-regulated, stable environment like ours where continued growth and expansion are supported. Bahamian professionals will surely benefit from the jobs that will be created as a result of the DARE Act.”

Bankman-Fried said during the ceremony that it took an “enormous” number of people to get FTX’s Bahamas office opened and explained that its successful opening is a testament to how responsive the jurisdiction is to firms like his. He called The Bahamas “the right place to be”.

“This has been way above any of our expectations and that has just been a huge, huge testament to everyone who has pitched in,” said Bankman-Fried.

He said there remains “a ton left to do” in the cryptocurrency space with some more “exciting things we have planned over the next years”.

“What really matters is how we can give back and how we can help the country and the world grow,” Bankman-Fried said.

FTX Digital Markets is the country’s first registered digital asset exchange. Bankman-Fried told Guardian Business last month that the company is on pace to do just under $1 billion in revenue this year. He explained that he chose to bring FTX to The Bahamas because of the country’s strong regulatory framework in the digital assets space. The company is big on giving back to the community and the FTX chief has already started with back-to-school giveaways and donating to anti-poverty institutions. The FTX office is also dotted with tens of thousands worth of original art by local artists.

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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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