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FTX, a crypto assets exchange has witnessed notable growth since establishment. Sam-Bankman Fried, the founder and CEO of FTX has shared his experience with the crypto exchange platform. In an interview with Insider, Sam unveiled that he decided to found his own cryptocurrency exchange in 2019 after growing annoyed with crappy platforms. And today the 29-year-old American entrepreneur has a net worth of $24.5 billion by Forbes most recent estimate, and has become one of the most recognizable figures in the cryptocurrency industry.
FTX is worth more than few blue chip firms
FTX cryptocurrency exchanges platform is based out of the Bahamas. Sam was able to raise a whopping amount of $400 million form heavy hitter investment firms. These firms include SoftBank and Tiger Global. Following such a funding round, the total valuation last month skyrocketed to $32 billion.
Moreover, the report also claimed that the platform is now worth more than the social media giant Twitter, the stock-exchange giant Nasdaq, and the German Deutsche Bank after being founded only three years ago.
What made Sam introduce its own crypto platform?
In 2017, Bankman-Fried went on co-founding cryptocurrency trading firm Alameda research in 2017. The firm exploited price discrepancies across the global markets. However, in a year, he grew frustrated with the utility of existing platforms and cited that they were glitchy and unsafe with poor customer support.
According to the FTX founder, he felt like the platforms were really central, significant, valuable systems, which were crappy at the time. Indeed, he believed that he could do better than all such platforms.
Following such beliefs Sam went on to co-found FTX with Gary Wang, a fellow MIT grad and ex-Google software engineer.
2021 was growing year for the cryptosphere
The exchange saw an explosion in activity in 2021. Notably, throughout the previous year, the platform witnessed 5 million users and an average daily volume peak of $60 billion. According to the platform’s CEO, the vital key to FTX’s success was having extremely rare crashes, offering users complex cryptocurrency derivatives and having a policy of only one trading account in which margin balances offset.
