Sam Bankman-Fried, also known by his initials SBF, is an American entrepreneur, billionaire and investor. He is the founder and CEO of FTX, a cryptocurrency exchange, and FTX.US, its US subsidiary. He also manages assets through Alameda Research, a quantitative cryptocurrency trading firm, founded in October 2017.
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Biography of Sam Bankman-Fried
Bankman-Fried was born in 1992 on the campus of Stanford University by Barbara Fried and Joseph Bankman, professors at Stanford Law School. He attended Canada/USA Mathcamp, a summer program for high school math talents. Since 2010 to 2014 Bankman-Fried studied at the Massachusetts Institute of Technology. He lived in a coeducational group home, called Epsilon Theta. In 2012, he wrote blog posts about utilitarianism, baseball and politics. In 2014, he received a degree in physics and a minor degree in mathematics. In the summer of 2013, Bankman-Fried joined Jane Street Capital, his own trading firm that trades international ETFs. Originally a trainee, he returned full-time after graduation. In September 2017, Bankman-Fried left Jane Street and moved to Berkeley, where he briefly worked at the Center for Effective Altruism as director of development from October to November 2017. In November 2017, he founded the trading firm Alameda Research. As of 2021, Bankman-Fried owns approximately 90% of Alameda Research. In January 2018, Bankman-Fried set up arbitrage trading up to $25 million a day to take advantage of the higher price of bitcoin in Japan, compared to America. After attending a cryptocurrency conference in late 2018 in Macau and also inspired by the parallel fork of Bitcoin Cash, he moved to Hong Kong. He founded FTX, a cryptocurrency derivatives exchange, in April 2019. Bankman-Fried is a supporter of effective altruism and seeks to earn. He is a member of Giving What We Can and claims he plans to donate most of his wealth to effective charities during his lifetime.
Creation of the FTX exchange
After earning a physics degree from MIT in 2014, Bankman-Fried spent three years as a trader at trading firm Jane Street Capital before founding Alameda in 2017. During his college years, Bankman-Freed developed an affinity for a life philosophy of effective altruism that guides him to this day. That is, the philosophical belief that one should strive to bring the maximum of good to the greatest number of people.
Last year, Bankman-Fried moved the FTX headquarters from Hong Kong to the Bahamas and also moved there himself, citing the best crypto regulatory framework in the latter jurisdiction. The Bahamas was the first country in the world to adopt a central bank digital currency, known as the sand dollar. Additionally, Bankman-Fried cites the island's busy, safe and lockdown-free environment as a reason for the move.
What is FTX?
Founded in 201 by Sam Bankman-Fried, FTX offers a range of trading products, including derivatives, options, volatility products and leveraged tokens. It also provides spot markets in over 300 cryptocurrency trading pairs such as BTC/USDT, ETH/USDT, XRP/USDT and its own FTT/USDT token. FTX's wide range of products and easy-to-use desktop and mobile trading applications appeal to crypto investors of all skill levels, from beginners to seasoned pros or, in crypto jargon, rookies to whales. The FTX crypto exchange offers a wide range of order types, from basic market orders to more complex trailing stops. FTX supports nine fiat currencies that investors can deposit and withdraw via wire transfer: US dollar, euro, British pound, Australian dollar, Canadian dollar, Swiss franc, Brazilian real, Ghanaian kedi, and Argentine peso.
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