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Sam Bankman-Fried co-founded the FTX crypto exchange in 2019.
FTX
Sam Bankman-Fried built a cryptocurrency trading empire worth nearly $ 30 billion in just a few years. The 29-year-old founder has worked tirelessly for years to achieve his goal of becoming a major philanthropist. These are the five big takeaways from FTX’s recent Insider Profile of Sam Bankman-Fried. Sign up here for our daily newsletter, 10 things before the opening bell.
Sam Bankman-Fried is well known in the cryptocurrency industry for building a crypto empire worth around $ 30 billion in a relatively short period of time.
Bankman-Fried crypto exchange FTX, founded just over two years ago, is now seeking a valuation of $ 32 billion in a $ 1.5 billion fundraising round. But Bankman-Fried’s early days focused on board games while still being multitasking and always staying busy with something in Silicon Valley.
Bankman-Fried, former and current FTX employees, and acquaintances close to the crypto billionaire told Insider how quickly the crypto exchange was able to amass such a large business in a short period of time.
These are the five big takeaways from FTX’s recent Insider Profile of Sam Bankman-Fried.
Nature Workaholic by Sam Bankman-Fried
“To build a competitive platform in such a short time, Bankman-Fried worked hard, sleeping four hours a night in a bean bag chair next to his desk and taking calls from clients and investors at 3 a.m. . “
An incident that sums up Bankman-Fried’s work ethic happened when he had been up for 30 straight hours and had just gone to bed when a customer called. An FTX employee, who had just seen Bankman-Fried lie down, didn’t have the courage to wake him up and rescheduled with the customer – much to Bankman-Fried’s chagrin.
“He said ‘No, you wake me up next time, no doubt about it.'”
Built so much with few employees
FTX has between 10 and 25 employees working on the exchange and all of its subsidiaries, depending on the company. For comparison, Binance currently has around 180 openings for engineers, while Coinbase has around 120 open positions in the engineering department.
“The one thing that worries me the most about FTX is that we are getting slow and dysfunctional,” Bankman-Fried said. “I hope we don’t, but we’ve seen it happen in a lot of companies.”
Strong FTX compliance
Many crypto exchanges have been bogged down by regulations, fines, and penalties, but not by FTX.
Amy Wu, a venture capital firm at Lightspeed that invested in FTX’s latest funding round, said that to her knowledge FTX is the only exchange to avoid negative regulatory press. Wu said his team evaluated both the type of licenses held by FTX. in various markets, its open communication with regulators and its approach to regulation. ”
“FTX is actually one of the most compliant and closest regulators of all crypto exchanges in the world,” she said.
The Selfless Nature of Sam Bankman-Fried
“Making a difference as much as possible is really our moral obligation,” said Gabe, Bankman-Fried’s brother. “I think it’s something we took very seriously from a young age.”
Brothers are advocates of effective altruism, a philosophy that emphasizes using one’s resources to accomplish the most good for others.
Political ambitions?
Bankman-Fried has “already entered the political arena as one of President Biden’s biggest donors during the 2020 campaign, and he seems well positioned to tackle DC’s intensifying spotlight on the crypto space through its formation of relationships with regulators, according to several insiders. “
“In 10 years, I expect SBF to be one of the richest people in the world, tackling some of humanity’s most critical issues,” said Noah Dummett, a former trader at FTX. “A career in politics wouldn’t be the most surprising to me either – he’s in a good position, with the right motivation behind him to make it happen.”
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