FTX US opened Chicago offices recently and launched a supplemental income pilot and will support low-income Chicago residents with monthly payments and free banking services so let’s read more today in our latest cryptocurrency news.
FTX US opened Chicago offices and launched a supplemental income pilot program in partnership with the city and other local organizations Equity and Transformation. The exchange announced the news at the opening of the Chicago HQ. FTX US is the US branch of the FTX exchange and opened its headquarters in Chicago, announcing the creation of a pilot program that will provide guaranteed income and other benefits for low-income city residents.
The initiative was revealed at the HQ opening ceremony which is the Fulton Market district in West Loop. Chicago Mayor Lori Lightfoot was on hand to cut the ribbon and deliver the remarks. The exchange will work with the City of Chicago and the local organization EAT to sponsor 100 people in the city who will receive $500 monthly and a no-fee bank account and a Visa debit card via their platform and also get financial literacy education.
The program will support eligible residents from Englewood, West Garfield Park, and Austin, and the EAT existing Chicago Future Fund Program sponsors residents in West Garfield park already. The funds for the initiative will come from the FTX foundation which plans to distribute over $100 million to other charitable programs in 2022. Lightfoot said:
“What this new program initiative has the potential to do is completely transform the lives of residents who are desperate for help.”
She added that the fintech and crypto companies like FTX US can set the stage and challenge the traditional banks and other financial lenders to get on board with the reality which is that banks and other financial companies charge 20% to 30% fees for services that should become a thing of the past. Lightfoot added:
“Crypto has the ability to advance financial inclusion by reaching and benefiting those who are unbanked, underbanked, or do not use traditional financial services like banks. In partnership with companies like FTX US, my goal as mayor is to bend the crypto arc towards equity.”
FTX US president Brett Harrison said the program will leverage the company’s tech to benefit the people of Chicago. He added:
“There are many people, in cities especially, who have been historically disenfranchised from the financial system. There are people who don’t have either good or potentially any access to traditional banking services. They have to deal with things like overdraft fees, or not being able to understand their balances in real-time.”
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