The Untold Story of Crypto Billionaire, Sam Bankman

CEO FTX exchange

October 25, 2021

Reading Time: 2 minutes

Sam Bankman, the founder of FTX Exchange, has become the newest richest man in the world in the under-30 category, all thanks to crypto.

Forbes told the astounding story of this fellow who only got introduced to Bitcoin 4 years ago and is now a multi-billionaire.

Ranked at the 32nd place of the world’s richest men, Bankman’s crypto exchange FTX accounts for most of his success with a valuation of up to $18 billion. What amazes this twist of events is that said richest man below 30 became acquainted with Bitcoin and its markets only four years ago.

A Deeper look into the FTX exchange

FTX exchange is approximated to handle about 10% of the total $3.4 trillion derivatives traded each month. Additional to this, the exchange collects an average of 0.02% fee on every transaction. This percentage return is what cumulatively created a $350 million in profit in revenue within the last two months.

Extra means of revenue for the exchange is the support for the pool of sophisticated investors that wish to trade BTC derivatives and ETH futures. Efforts invested in the exchange are making FTX a hub for more frequent traders who invest in more significant amounts than the average consumer. The strategy of incorporating more derivative-focused investment options has seen record volume developments in a very short time.

In July of this year, the exchange raised $900 million in funding for Coinbase and Softbank ventures. Also, motor giant Mercedes got into a partnership last month with FTX in a multi-season collaboration. The exchange’s logo will be featured on AMG Petronas F1 Team cars and merchandise.

With only two years of existence, FTX has amassed title as the fourth largest derivative crypto exchange behind Binance, OKEx, and ByBit. Its CEO has so far allocated $25 million to charity and this makes among the reasons they rank so high up.

Major giving is not a short-term goal. It’s a long-term on,’ he once commented.

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