Businessweek
Behind FTX’s Turbocharged Push to Attract Small Crypto Savers
- FTX relied on partnerships, sports marketing to retail segment
- Bankman-Fried has pleaded not guilty to US criminal charges
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Early last year, cryptocurrency exchange FTX US was setting its sights on a vast pool of money: individual retirement accounts, or IRAs.
“We have IRAs trading on FTX today, and are making a push to serve this segment,” Nate Clancy, FTX US’s vice president of business development, wrote in a March email to a New Jersey-based investment adviser, a copy of which was seen by Bloomberg News. Americans held more than $11 trillion in IRAs as of last year.