The 30 -year -old millionaire Fried by Sam Bankmanwho owns $ 26,000 million thanks to cryptocurrencies, and has a desire: he promises donate 99% of profits of its platform that allows the buying and selling of cryptocurrencies.

Bankman-Fried, known as “Moby Dick of crypto whales”, founded the company in 2019 FTX. With the exception of Mark Zuckerberg, no one in history has become wealthy at a very young age.

Although this billionaire may have more than enough money to retire, he prefers to spend his time developing the ultimate cryptocurrency trading platform for investors.

The founder of FTX has already donated $ 25 million. His goal is to create an alternative to the “shit trading (sic) that existed when I was buying and selling cryptocurrencies in 2017 and 2018,” he explains.

For now, it’s still on the list. at least to billionaire charitiesbecause he only donated 0.1% of his wealth, approximately 25 million dollars.

The money was redirected to India, in initiatives against global warming and in the fight against pandemic in this country.

A career on the rise thanks to Crypto

In January 2018, the young entrepreneur was able to transfer 25 million bitcoins a day. “I got into cryptocurrencies with no idea what they were,” he told Bloomberg in an interview.

He reinvested money from his first company (Alameda) to create and manage his own cryptocurrency exchange platform: FTX.

This company allows investors and large companies to exchange cryptocurrencies, an increasingly emerging financial market. The company is in full growth and hopes to build a headquarters for 1,000 employees in the Bahamas, overlooking the Atlantic Ocean.

In addition, Bankman-Fried decided to live in Hong Kong to reap the benefits of gentle regulation of the island for crypto assets.

By 2020, the platform had 200,000 users where it ran 1,000 million transactions per day and the following year the number increased to 2 million users.

The diffusion of the crypto ecosystem is what helps generate large arbitrage premiums against the traditional financial model.

There are no cross mergers between exchanges and no clearing firms or central brokers. “The capital is huge and you also have to worry about counterparty risk,” Bankman-Fried said.

The dangers of the crypto world

With so many unregulated and lightly regulated players in the crypto market, it can feel like there is risk everywhere. For an investor who is relatively ignorant about the crypto space, it may seem risky with a small increase in risk.

But once investors and traders better understand the space, they can fully identify where risk is low but rise is still high, Business Insider Spain said.

“A lot of money will be made if you can figure out and determine if there is and isn’t a lot of upside and when there is and there isn’t big risk,” Bankman-Fried said.