The Scoop Brett Harrison of FTX.US on challenging Robinhood and Coinbase while reshaping market structure
FTX.US President Brett Harrison wants the company to be the next Robinhood, and he says they’re listening to every customer's comments to expand their user base and untangle the complexities of building an exchange.
“The retail user base wants to be heard," said Harrison.
On this episode of The Scoop, Brett Harrison took a break from coding FTX.US to join host Frank Chaparro for a discussion on how the company is expanding its user base and the company's planned entrance into crypto derivatives.
Unlike FTX, which is a global business and closed its Series A round of funding in July to the tune of an $18 billion valuation, FTX.US is focused exclusively on the US market. FTX.US, however, stands to benefit from its namesake’s most recent round of funding, of which Harrison said FTX will be allocating an undisclosed portion toward the US business.
FTX.US is also focusing on M&A, with an eye to expand its suite of products next year and prepare to go head-to-head with the likes of publicly traded companies like Coinbase and Robinhood. As Harrison put it: "It needs to have all the things that they want to trade." This includes the recent inroads FTX.US has made to unlocking derivatives, which Harrison explained its US arm cannot offer without a Commodity Futures Trading Commission (CFTC) license.
But the company has never shied from pushing the needle on regulation and wants to keep lines of direct communication with regulatory bodies, according to Harrison.
"We need to engage [regulatory bodies] in an ongoing way, and so in the cases that we've done that been doing that we've had very positive experiences." Earlier this week, FTX.US announced the acquisition of the long-running crypto derivatives exchange LedgerX and the firm has previously held meetings with CFTC leaders.
Episode 53 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Brett Harrison, President at FTX.US.
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