The fall of FTX has reportedly upset Bahamas, which has encouraged cryptocurrency entrepreneurs to feel at home with its copacetic regulatory touch, according to a report by the Wall Street Journal.
The Bahamas, whose economy is mostly dependent on offshore banking and tourism for most of its gross domestic product, was already trying to find methods to strengthen it. It looked that the Bahamas’ prime minister, Philip Davis, and his administration thought that cryptocurrency might be significant to the island’s economic recovery.
The ambitious proposal to purchase an oceanfront plot of property and transform it into the crypto giant’s future headquarters received $4.5 million from an FTX official who stepped into a bank office here last year.
According to those who know the situation, Ryan Salame, the CEO, quickly concluded the acquisition. This was just one of the company’s hurried real estate purchases in and around Nassau.
The Bahamas’ prime minister appeared with FTX officials during a ceremonial ground-breaking on the new property in April. However, the actual building never truly started. This month, FTX fell apart, and its real estate holdings are now included in bankruptcy.
The never-built new headquarters serves as an example of both the hope that FTX brought to the Bahamas and the disappointment it left behind. The island government has been enticing cryptocurrency companies to settle there by offering a kind of regulatory touch.
Now, the neighborhood is claiming that FTX’s abrupt collapse has left path of jobless. According to the WSJ, FTX also employed a number of native Bahamians in positions related to logistics, event planning, and regulatory compliance.
Following the collapse of FTX, several members of the cryptocurrency world have said they have no sympathy for the consequences the collapse has had on the little island nation.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu