FTX CEO second-largest donor for Joe Biden in US Elections

Sam Bankman-Fried, CEO of FTX exchange and Alameda Research donated $5.2 million to Joe Biden's US Presidential election campaign.

By · Nov 6, 2020 . 5min read

Joe Biden in US Elections latest news

FTX a leading cryptocurrency derivatives exchange had its CEO, Sam Bankman-Fried donating as the second-largest donor to Joe Biden in the 2020 US Elections.

According to a Wall Street Journal publication, the young CEO donated a $5.2 million to Joe Biden’s campaign. Per the report, only billionaire Mike Bloomberg who contested against Joe Biden in the primaries outgave Sam Bankman-Fried. Bloomberg himself donated $56 million out of the $79.5 million.

Although Trump campaign received large donations, it, however, didn’t match Joe Biden’s. Meanwhile, the Trump campaign received a total of $75 million from donors.

Sam Bankman-Fried (SBF) is a member of the Democratic Super PAC which represents some of the wealthiest supporters of the Democratic party. Interestingly, while most tech CEOs support Biden, the energy industry skewed disproportionately towards Trump. Nonetheless, it’s not so hard to understand why, as Trump and the conservative Republican always complained of censorship. Tech companies like Twitter, Facebook, Google CEOs have had to face Senate hearings for this reason. Meanwhile, Trump is Pro-fracking which most energy company CEOs are in huge favour of, hence their support for Trump.

FTX is a Hong Kong-based exchange which recently brought a new twist into cryptocurrency derivatives trading. In a recent partnership with German-based CM Equity AG and Swiss-based Digital Assets AG, FTX now offers fractional stocks. With this, crypto traders can now trade stocks of the top tech companies like Tesla, Apple, Amazon etc.

Sam Bankman-Fried irrespective of his political affiliations is becoming a highly influential figure within the cryptocurrency space. He currently is the CEO of FTX and Alameda Research. An avid Twitter thread writer, SBF wades in once in a while in controversial issues within crypto. He runs Project Serum, a DEX running on the ultra-fast Solana blockchain network. SBF’s takeover of the widely popular and hot SushiSwap DeFi project is perhaps one of the other events that also made Bankman-Fried more popular.

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