A list of 53 companies associated with FTX

By: Forbes, Javier Paz, Nina Bambysheva and Emily Mason
Compiled by: Odaily Planet Daily, Moni
 
In May 2022, Forbes Digital Assets, a subsidiary of Forbes, launched a survey on the 60 cryptocurrency exchanges with the highest trading volume and trading companies providing cryptocurrency services, including Binance, Coinbase and Kraken, as well as Robinhood and Block. In this survey, FTX ranked 5th.
By now, pretty much everyone knows what happened to FTX.
Although the number of companies that have been disclosed and may be affected by the FTX incident is relatively small, a survey by Forbes Digital Assets on August 24, 2022 found that almost everyone at the time was eager to do business with FTX, from Sullivan & Cromwell and Skadden to Stripe, Plaid, AWS, Deloitte and Silvergate Bank, because everyone believed that FTX was the hottest "crypto blue chip stock."
However, with the collapse of FTX, people can't help but ask whether those companies that have done business with FTX in the past will be potentially affected. In fact, according to data shared by the Financial Times with Forbes, as many as 53 companies have done business with FTX, including auditing companies, banks, and insurance companies. Next, let's take stock of who these 53 companies are.
 
Institutional investors (11)
 
BlackRock: the world's largest asset management company.
Sequoia Capital: One of the largest venture capital firms in Silicon Valley.
Temasek: Singapore’s national investment institution.
Ontario Teachers' Pension Plan: the third largest pension fund in Canada.
SoftBank: Japanese multinational conglomerate holding company.
Thoma Bravo: Private equity firm focusing on software and technology companies.
Ribbit Capital: A California-based venture capital firm known for its fintech investments.
Paradigm: One of the world's largest crypto venture capital firms.
New Enterprise Associates (NEA): A Maryland-based venture capital firm focused on European and Asian markets.
Lightspeed Venture Partners: A multi-stage venture capital firm focused on enterprise, consumer, health, and fintech.
Third Point Ventures: Headquartered in California, it focuses on investing in emerging technology companies.
 
Banks and insurance companies (8 companies)
 
Silvergate Bank: A member institution of the Federal Reserve Bank of the United States located in California, serving more than 1,300 digital currency and fintech clients.
Signature Bank: Headquartered in New York, it provides complex cryptocurrency products.
Deltec Bank: Located in the Bahamas, it also provides access services to stablecoin issuer Tether, but Deltec stated that "any changes in FTX's business structure will not pose significant risks to its customers, stakeholders or Deltec's entities and businesses."
Prime Trust: Located in Las Vegas, Nevada, it specializes in providing application programming interface services for crypto exchanges, RIA platforms and brokers. A spokesperson for the company has stated that it has not cooperated with FTX.com in the past or present, and has no financial risk exposure, but declined to comment on whether it cooperates with FTX.US.
Moonstone Bank: A digital bank that specializes in serving small and medium-sized enterprises (SMEs).
Evolve Bank & Trust: Headquartered in Tennessee, specializing in personal and commercial banking, mortgages, SBA loans, community financing and trust business, Evolve has stated that they have no financial risk to FTX or its affiliates.
Visa: Visa, a global electronic funds transfer service provider, has stated: "Visa has no exposure to FTX or FTT tokens. But it is working with partners to implement controls on the existing FTX.US Visa card program in the United States, and plans for additional card programs with FTX in other countries have been at least temporarily shelved."
USI Insurance Services: mainly provides insurance services for FTX US.
 
Auditing firms (2)
 
Prager Metis CPAs, LLC: A global accounting firm with a digital asset business.
Armanino LLP: Providing traditional accounting and crypto-specific tools, the company completed the sole reserve audit proof for the cryptocurrency exchange Kraken.
 
Legal and financial companies (22 companies)
 
Deloitte: One of the Big Four accounting firms with a large blockchain and crypto practice.
PricewaterhouseCoopers: One of the Big Four accounting firms, with a large amount of encryption business.
Sullivan & Cromwell: A New York law firm with a dedicated digital asset practice.
Skadden, Arps, Slate, Meagher & Flom: multinational law firm.
Fenwick & West: A technology-focused law firm.
Morrison Foerster International: Law firm with lawyers in the United States, Asia and Europe.
Quinn Emanuel Urquhart & Sullivan: A law firm specializing in blockchain and digital assets, the firm represented Ripple Labs in a $175 million lawsuit against the SEC.
Paul Hastings: Legal services company.
Perkins Coie: legal services company.
King & Wood Mallesons: A law firm headquartered in Hong Kong.
Gibson Dunn & Crutcher: American law firm.
Herbert Smith Freehills：British law firm.
Piper Alderman：Australian law firm.
Kim & Chang: Korean law firm.
Anderson Mori & Tomotsune: One of Japan’s “Big Four” law firms.
Norton Rose Fullbright: A large global law firm based in the United Kingdom.
MLL Meyerlustenberger Lachenal：Swiss law firm.
Hogan Lovells: Law firm with operations in both the UK and the US.
McCarthy Tetrault：Canadian law firm.
Baptista Luz Advogados: A Brazil-based law firm that advised FTX on Brazil’s regulatory framework for cryptocurrency exchanges.
White & Case: legal services company.
Nishith Desai：Indian law firm.
 
Compliance Service Providers
 
Stripe: Customer identity verification checks, allowing the use of credit and debit cards and bank transfers.
Jumio: Fraud and money laundering protection through AI-driven identity verification, know-your-customer tools and transaction monitoring.
​​Plaid (Cognito): Connects accounts with applications such as Venmo, Betterment or Chime, and also provides anti-fraud and identity verification tools. Plaid clarified that it only provides services for FTX.US.
Refinitv (World-Check): Financial data and analysis company, a subsidiary of the London Stock Exchange.
Sardine Payments: Tailors its products for fintech and crypto companies, promising advanced and effective fraud protection.
Chainalysis: A software company focused on blockchain data analysis.
TRM Labs: FTX and FTX US use TRM tools to fulfill sanctions and anti-money laundering compliance obligations.
Eventus: Provider of multi-asset class transaction monitoring and risk monitoring tools.
Solidus Labs: FTX Digital Markets and FTX US are integrating Solidus’ market monitoring and transaction monitoring, but the company said it has not contacted FTX. Previously, FTX Ventures invested a small amount of money in Solidus’ Series A financing, but it was said to be less than 1% of Solidus’ total financing amount.
 
Software and hardware service provider
 
Amazon Web Services (AWS): provides cloud computing services to individuals, companies, and governments.
 
Summarize
It can be seen from the above table that FTX has cooperated with many banks and law firms. In addition, FTX has more than 1 million customer accounts, but this number is not high compared with Coinbase, accounting for only 1% of the latter's active customer base. However, because FTX focuses on institutional customers, its average customer account size exceeds US$640,000, while exchanges focusing on retail consumers typically have an average customer account size of US$3,000 to US$5,000.
Neither FTX nor its U.S. subsidiary FTX.US segregates customer funds, but each holds customer funds in an “omnibus account” separate from operating funds. According to FTX’s general counsel, “By default, FTX does not segregate customer funds for each crypto product, but users can establish subaccounts to segregate crypto products as needed. In addition, all customer funds are pooled together and customer funds are segregated from FTX’s proprietary assets.” FTX claims not to act as a counterparty to any transaction and does not bear any principal risk for any product or pairing offered.
As FTX sinks deeper and deeper into the quagmire, whether the 53 companies mentioned above will also be affected, perhaps only time can give the answer.