Sunday, September 25, 2022

FTX CEO, Sam Bankman-Fried Wants to Give His Wealth Away

Sam Bankman-Fried who sits as the founder of two crypto inclined firms, FTX Derivatives Exchange and Alameda Research has publicly declared his desire to give out a very large percentage of all his crypto earnings up to $24 billion. Based on his statement, he would hold on to just 1% of the income or receive only $100,000 per year.

The business mogul is just 30 years old which makes him one of the youngest richest men globally. He has amassed a total of about $24 billion in crypto and is about to fulfill his lifelong wish to live out the effective altruism school of thought.

He had aligned with being an effective altruist after his work with Berkeley Center for Effective Altruism. His position as the director of development likely influenced his opinion and openness toward the philosophical school of thought. 

Bankman-Fried has chosen a career as a member of a community of philanthropists known as Give What We Can (GWWC) and he is recognized as one of the wealthiest members. Although, many might be astounded by his choice given that the crypto industry is associated with so much cyber theft and high energy consumption. 

Expansion Milestone For FTX

Sam Bankman-Fried overtime, has accumulated huge profits from FTX which currently is the world’s seventh-largest cryptocurrency exchange. The exchange, in turn, has also grown remarkably under his leadership with his presence in several nations.

Earlier last month, the exchange announced its expansion plans into Europe after securing the approval of the Cyprus Financial Market Regulator CySEC. It was regarded as a global expansion phase, as the new outlet, FTX Europe was going to be the second brainchild of the firm after FTX US.

Thereafter, FTX Access was launched to provide advisory and analytic services to key investors in the space. Part of the plans for FTX Access is to broaden the FTX coverage to include other crypto derivatives and products that would be useful and attract institutional investors.

Meanwhile, FTX Derivative has tapped Naomi Osaka as one of its exchange ambassadors. The FTX ecosystem had before this time, enjoyed partnerships with other sportsmen like Stephen Curry, Tom Brady, and even his wife, Giselle Bündchen, who is a Brazilian fashion model.

With all going good for FTX, the chances the trading platform will make more money in the future is high, and with Bankman-Fried determined to give his wealth away, the move, if perfected, can be deemed noble even for the biggest critics of cryptocurrencies.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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