FTX donated $1.1 million to the Agricultural Development Committee. From left to right, Managing Director Nekia Brice, Valdez Russell (Digital Markets), CEO Ryan Salame, FTX Digital Markets, Executive Chairman Philip Smith, Advisor Shawn Smith Advisor, Sysco Bahamas President Karen Casey and Parliamentary Secretary Leonardo Lightbourne. Photo: Donavan McIntosh/Gallery Staff

By EARYEL BOWLEG

Tribune journalist

[email protected]

FTX Digital Markets announced a $1.1 million donation to the new non-profit, non-governmental agricultural development committee.

Ryan Salame, CEO of FTX, said the company is thrilled to be in the Bahamas and to be “a good, responsible company” that gives back to the community.

He said the food shortage was a problem the company wanted to solve.

“A few key things kept coming up and the food shortage was one of them,” he told reporters at a news conference.

“So we looked around and researched (for) who a prominent person or organization was…and I think Philip Smith came back quite frequently. A lot of people remembered giving him food throughout their childhood or sort of throughout their life here in the Bahamas, so I think it was an easy decision from that standpoint (of) meet him and decide the best way forward,” he said. noted.

Philip Smith, the former executive director of the Bahamas Feeding Network, is the executive chairman of the Agriculture Development Committee. He said the group is delighted and happy to have partners like FTX and Mr. Salame, who sits on the Board of Directors and Steering Committee of the Agricultural Development Committee.

“It will surely do a lot for us,” Mr Smith told the media of the donation. “I can focus more on the things that need to be done for the farmers rather than having to fundraise immediately and you know we would like to invite the business community to consider matching that donation.

“You know, agriculture in this country has never really succeeded and it’s just a shame because people have to eat. I have been feeding the poor for 16 years through (the) Bahamas Feeding Network. I have just resigned as Executive Director to become Executive Chairman of this new organization.

“I know for a fact that there are many people in this country who every day is a challenge… the Department of Statistics said six years ago that there were 12.8% of people in the country who were going hungry, but it’s my belief after doing this for the last 20 years during the pandemic, I think there’s probably 20% of our population that every day faces this challenge from “What am I eating today?”

“What we were doing every day through the Bahamas Feeding Network, you had to raise money to feed people, but this new initiative, I think it will be much more sustainable in that we will support low-income agriculture. backyard, community farming and, of course, commercial farming.

Mr. Smith added that for the first three months of the committee’s work, the plan is to conduct research; $700,000 has been set aside for farmers, whether for education, technology or tools.

Also present at yesterday’s press conference was Parliamentary Secretary Leonardo Lightbourne, who stressed that part of the donation will go towards making farming more innovative and attractive to the younger generation.

“As you know, in the Bahamas, about 80% of our farmers are 60 years old. So that explains why we have this deficit to feed ourselves. So we’re probably going to make that very appealing to younger people. It is viable that when they get out of high schools, colleges and universities, it is a job and something we can look forward to.

Earlier this week, FTX donated $1.5 million worth of KN95 face masks and test kits to the Bahamas government to help fight COVID-19.

FTX Digital Markets, a digital asset exchange, opened its office in western New Providence late last year.