FTX completes acquisition, LedgerX renamed to FTX US Derivatives

FTX.US has officially completed the acquisition of LedgerX.

FTX Foundation Announces FTX EA Scholarship Program

In addition to announcing an acquisition, FTX also announced the FTX EA (Effective Altruism) scholarship program yesterday (25).

In September, FTX announced its headquarters relocation to Nassau, the capital of the Bahamas, and its regulation under the DARE Act released by the Bahamas Securities Commission in 2020, which is the first comprehensive regulation for cryptocurrency trading platforms.

At that time, FTX stated that it would be dedicated to developing the local cryptocurrency industry.

Effective Altruism is the central idea of FTX founder Sam Bankman-Fried, with the aim of improving the world. One of its important principles is the cost-effectiveness principle, where capable individuals should do high-paying work and donate a portion of their earnings to charitable organizations. These organizations can then use the funds to hire several people to work for them, which is more beneficial than the individual working directly for the charitable organization.

FTX also established the FTX Foundation for Charitable Giving in February this year, committing to donate 1% of platform fees to the FTX Charitable Giving Foundation. The accumulated amount donated to charity now exceeds $14 million.

The FTX EA Scholarship Program aims to establish an EA community in the Bahamas. The first round will provide scholarships to 10-25 applicants, who will receive a $10,000 allowance and are required to reside in the Bahamas for six months to help build the EA community.