In just three years of joining the crypto industry, FTX CEO Sam Bankman Fried or commonly known as SBF managed to reach a fortune of up to $ 10 billion.
This number has succeeded in making him the second richest person in the crypto industry according to a report from the Hurun Institute.
Not only that, SBF was included in the Forbes’ 2021 “30 Under 30” list in the financial category. It shows that it has managed to make waves outside of the crypto industry.
All these achievements were achieved when he was not even thirty years old.
Who is Sam Bankman Fried? Check out the following article to get to know him more.
Meet Sam Bankman Fried
Bankman-Fried was not originally a proponent of decentralization. He started his career in traditional finance.
His parents are law professors at Stanford University. He was born and raised in the Bay Area studying physics at the Massachusetts Institute of Technology. But he quickly realized that a career as an academic was not for him.
He also started joining a quantitative trading company, Jane Street Capital, where he first discovered cryptocurrency.
After three years working there he decided to set up his own trading company and liquidity provider, Alameda Research, in 2017.
Alameda Research has now developed into one of the largest crypto companies with assets of around $ 2.5 billion equivalent to Rp36 trillion in funds under management.
Succeeded in achieving success at Alameda and building wide connections in the crypto and finance industry. SBF finally launched the FTX in spring 2019.
FTX is a cryptocurrency trading platform that provides various types of trading from spot, futures to margin facilities.
On this exchange traders can buy and sell crypto, stocks, and fiat. The stocks available on FTX are United States stocks such as Google, Apple, Tesla, Amazon and others.
FTX is currently listed as the fifth largest derivatives exchange by volume, with a value of $ 3.5 billion, equivalent to IDR 50.49 trillion.
Thanks to the success of FTX, SBF’s wealth reached $ 10 billion, equivalent to IDR144.27 trillion and made him the second richest person in the world in the cryptocurrency industry, under Coinbase CEO Brian Armstrong.
Generous of the Cryptocurrency Industry
Unlike most people in crypto, SBF amassed wealth that is half of which goes to donations.
“Ultimately, my goal is to have an impact, generate as much income as possible and donate as much as I can,” said SBF as quoted in his interview with Cointelegraph.
He is known to plan to share about 50% of the billions of crypto that he has when he is already a big success in this investment world.
This donation step has been taken by Bankman by becoming the second largest donor to Joe Biden’s campaign some time ago.
He thinks that the election is very important and will have an impact on many people.
The FTX Foundation also gives 1% of the trading platform fee. In the first few weeks, the foundation has raised more than $ 2 million or the equivalent of Rp28 billion.
The proceeds are mostly from user contributions, which go to carefully selected charities.
FTX was launched in 2019 by crypto trading veterans Sam Bankman-Fried (CEO) and Gary Wang (CTO). This exchange has a motto “by trader for trader“, FTX aims to offer a wider trading range than any other cryptocurrency exchange.
For those of you who want to try trading on an exchange owned by the second richest person in the cryptocurrency world, you can download the FTX application on the Playstore or Appstore.