Berliner Boersenzeitung - Sam Bankman-Fried, 29, heads crypto exchange worth billions

EUR -
AED 3.905111
AFN 76.827584
ALL 101.067891
AMD 417.760607
ANG 1.917942
AOA 889.966705
ARS 926.401162
AUD 1.65184
AWG 1.913906
AZN 1.804476
BAM 1.954212
BBD 2.148754
BDT 116.795114
BGN 1.952642
BHD 0.400736
BIF 3049.950873
BMD 1.063281
BND 1.450136
BOB 7.380004
BRL 5.538528
BSD 1.064235
BTN 88.712829
BWP 14.740025
BYN 3.482204
BYR 20840.311116
BZD 2.145077
CAD 1.459284
CDF 2982.503719
CHF 0.969286
CLF 0.036802
CLP 1015.475686
CNY 7.70188
CNH 7.709831
COP 4162.07595
CRC 532.667256
CUC 1.063281
CUP 28.176951
CVE 110.175492
CZK 25.276267
DJF 189.506043
DKK 7.461575
DOP 62.778998
DZD 143.037926
EGP 51.219423
ERN 15.949218
ETB 60.583581
FJD 2.417742
FKP 0.853562
GBP 0.863464
GEL 2.833678
GGP 0.853562
GHS 14.313372
GIP 0.853562
GMD 72.197751
GNF 9147.568421
GTQ 8.279274
GYD 222.649118
HKD 8.332196
HNL 26.271657
HRK 7.528201
HTG 141.115356
HUF 393.916974
IDR 17299.053148
ILS 4.006215
IMP 0.853562
INR 88.654312
IQD 1395.166552
IRR 44724.26899
ISK 150.294873
JEP 0.853562
JMD 165.705379
JOD 0.753656
JPY 164.534269
KES 142.543239
KGS 94.532045
KHR 4324.486742
KMF 491.847268
KPW 956.953434
KRW 1467.50873
KWD 0.327714
KYD 0.886879
KZT 474.309127
LAK 22685.570009
LBP 95298.878207
LKR 319.730248
LRD 205.419269
LSL 20.362234
LTL 3.139593
LVL 0.643168
LYD 5.188785
MAD 10.791733
MDL 18.995568
MGA 4710.173406
MKD 61.545228
MMK 2234.784438
MNT 3668.320437
MOP 8.589103
MRU 42.213672
MUR 49.477961
MVR 16.42792
MWK 1844.701346
MXN 18.194059
MYR 5.080353
MZN 67.515702
NAD 20.361582
NGN 1143.824447
NIO 39.168179
NOK 11.71881
NPR 141.940686
NZD 1.800114
OMR 0.409314
PAB 1.064245
PEN 3.921414
PGK 4.044714
PHP 61.186486
PKR 296.166291
PLN 4.319192
PYG 7885.593662
QAR 3.870877
RON 4.975497
RSD 117.160788
RUB 99.839441
RWF 1372.484979
SAR 3.988448
SBD 8.974275
SCR 15.689354
SDG 623.082624
SEK 11.601881
SGD 1.449114
SHP 1.343403
SLE 24.293107
SLL 22296.478588
SOS 607.663265
SRD 36.711914
STD 22007.773657
SVC 9.311435
SYP 2671.526255
SZL 20.311499
THB 39.396725
TJS 11.652933
TMT 3.732117
TND 3.350411
TOP 2.545442
TRY 34.597571
TTD 7.214139
TWD 34.711345
TZS 2758.151681
UAH 42.312825
UGX 4059.701856
USD 1.063281
UYU 40.996694
UZS 13505.028376
VEF 3851791.931221
VES 38.593569
VND 27071.138827
VUV 126.234908
WST 2.981024
XAF 655.424526
XAG 0.0387
XAU 0.000454
XCD 2.873571
XDR 0.80905
XOF 655.424526
XPF 119.331742
YER 266.192189
ZAR 20.350086
ZMK 9570.812627
ZMW 27.482673
ZWL 342.376106
  • SLAC

    0.0050

    10.305

    +0.05%

  • RBGPF

    0.1400

    51.75

    +0.27%

  • CMSC

    0.0100

    23.9

    +0.04%

  • BCC

    -1.0500

    133.6

    -0.79%

  • RELX

    -0.3600

    41.07

    -0.88%

  • SCS

    0.1100

    11.94

    +0.92%

  • CMSD

    0.0900

    24.3

    +0.37%

  • JRI

    0.0400

    10.95

    +0.37%

  • GSK

    0.4800

    39.75

    +1.21%

  • NGG

    -0.0600

    65.38

    -0.09%

  • RIO

    0.2900

    66.97

    +0.43%

  • RYCEF

    -0.0750

    4.885

    -1.54%

  • BCE

    0.3800

    32.59

    +1.17%

  • AZN

    0.1900

    68.55

    +0.28%

  • VOD

    0.0600

    8.34

    +0.72%

  • BTI

    0.2300

    29.05

    +0.79%

  • BP

    0.6000

    38.52

    +1.56%

Sam Bankman-Fried, 29, heads crypto exchange worth billions
Sam Bankman-Fried, 29, heads crypto exchange worth billions

Sam Bankman-Fried, 29, heads crypto exchange worth billions

Sam Bankman-Fried donned a suit and tie this week, abandoning his preferred hoodie and dark T-shirt for a hearing before US Senators.

Text size:

The lawmakers had summoned the 29-year-old multi-billionaire on Wednesday to discuss the regulation of digital assets in his capacity as co-founder and CEO of the cryptocurrency exchange platform FTX.

Less than three years after its founding, the company was just valued at $32 billion, a capitalization that puts it close to giants Coinbase and Binance.

The personal fortune of Bankman-Fried, a vegan who sleeps four hours per night and who has become a public face of crypto money, is estimated at nearly $25 billion by Forbes magazine -- placing him among the top 70 richest people on the planet.

"It's been pretty bipartisan," the young boss told AFP of the hearing. "A lot of Senators are really interested in learning more about the space and learning how there can be more federal oversight."

- From Hong Kong to the Bahamas -

Son of Stanford Law School professors and a graduate of the elite Massachusetts Institute of Technology (MIT), Bankman-Fried worked as a broker on Wall Street before turning to cryptocurrencies in 2017.

He observed large variations in price between the online platforms where people can buy and sell crypto money and took advantage of the gaps by buying and selling digital assets at very high frequency.

The difference in prices in 2018 was 5-25 percent between American and Japanese exchanges, he said, which meant that simply by moving assets from one platform to another he could make money.

"There was enormous demand for crypto coming out of Japan, and not nearly as many liquidity providers," he added.

The young entrepreneur created a cryptocurrency investment fund, Alameda Research, moved to Hong Kong and then launched FTX with Gary Wang, who is now the platform's chief technology officer.

Bankman-Fried now lives in the Bahamas, where taxes are almost nil, and the platform has its headquarters in the Caribbean nation too.

He defends his choice of location by the fact that it is "one of the few countries that has a comprehensive licensing regime for cryptocurrencies and cryptocurrency exchanges."

In media appearances and on Twitter, where he goes by SBF, Bankman-Fried has been a vocal advocate for smoother access to the crypto market for the general public, particularly in the United States.

"It would be healthy for everyone involved if there was a regulatory pathway to getting licensed and bringing federal oversight," he said.

A subsidiary for American clients, FTX US, opened in 2020.

The success of FTX has enabled the platform to forge prestigious partnerships, including with the newly retired American football legend Tom Brady and his wife, the Brazilian ex-model Gisele Bundchen.

The company will also run an ad during the American football finale Super Bowl on Sunday, promising to give away a number of bitcoins that will be determined by what time the commercial airs.

- 'Effective altruism' -

Bankman-Fried, who said he maintains a spartan lifestyle, identifies with the beliefs of "effective altruism," a movement which aims to use careful analysis to figure out how to use one's resources to help others the most.

"It's not just like, how do you do some good with your life, but if you want to do as much good as possible what do you focus on," said Bankman-Fried, who has pledged to give away almost all of the wealth he will have made.

He estimates that he has already donated between $50-100 million to causes such as the fight for animal welfare, combatting neglected tropical diseases and reducing global warming.

Cryptocurrencies have faced withering criticism over the argument they contribute to Earth's catastrophic warming because their extraction process requires so much electricity, which can come from fossil fuels.

Bankman-Fried said he believes the process of creating the cryptocurrency as well as the transactions will increasingly be done using renewable energy.

Aware of the staggering sums of money he's raising, Bankman-Fried, who was among the largest donors to US President Joe Biden's 2020 campaign, has no problem with the amounts being made public.

"If you're trying to have a lot of positive impact in the world, it's probably going to be things that people end up seeing," he added.

(K.Lüdke--BBZ)