Amplify, a new hybrid exchange developed by Substratum, is expanding its global reach with a recent expansion into the US state of Tennessee. The exchange is set to open operations in Knoxville.
A strategic move
With its recent expansion, Amplify wants to spearhead the creation process of the so-called ‘Vol Valley’ (an analogy of the famed ‘Crypto Valley’), the company COO David Weil revealed in an interview to local news outlet Knox News. According to Weil, the 25-strong company is expected to significantly expand the number of its employees to 60 in a year or so.
Many are skeptical about Weil’s chances to turn this area (Knoxville’s population barely exceeds 187,000 people) into a full-fledged crypto hub. However, he is certain that it’s a perfect springboard for Amplify’s foray into the US market because of the city’s penchant for business innovations. Knoxville, in his opinion, has become a magnet for talent in the tech niche.
Taking a sneak peek inside Amplify
Amplify is marketed as a new type of cryptocurrency exchange since it combines the features of centralized and decentralized ones (that’s why it’s called a ‘hybrid’ exchange). This fiat-to-crypto exchange is also particularly remarkable because it offers more altcoins — up to 100 — than other entry-level cryptocurrency trading platforms in the likes of Coinbase. On top of that, the exchange also allows buying services from merchants and provides advice on crypto investment for its users. Amplify is expected to be fully launched in about six months with 20 locally recruited people on board.
The company is set to occupy a cozy 6,000-square-foot office with football tables and even an Xbox. The whole space, which is soon to become a working area for about 60 employees, will also feature a full kitchen.
Are they staying home?
Earlier, TechCrunch founder Michael Arrington urged the SEC to take swift actions in order to streamline the development of the cryptocurrency niche in the US. He expressed his concern that many startups are fleeing to markets with a more welcoming environment. However, Amplify sets an example of building crypto tech hubs even in provincial towns. Weil hopes that the rest of America will follow suit.