CEO of crypto derivatives alternate FTX donated $5M to Biden marketing campaign

Sam Bankman-Fried, the CEO of Hong Kong-based cryptocurrency derivatives alternate FTX, donated $5.2 million to Joe Biden’s presidential marketing campaign.

Because the Wall Avenue Journal reported on Oct. 28, Biden’s presidential marketing campaign acquired a complete of $79.5 million from the highest 100 donors describing themselves as CEOs. Bankman-Fried is reportedly the second-largest “CEO-contributor” to the marketing campaign after Michael Bloomberg, a co-founder of the eponymous monetary and media firm, who donated $56 million.

The foremost contributions by CEOs to each Biden and present president Donald Trump are nonetheless solely a drop within the bucket. Each campaigns along with their outdoors backers raised $2.2 billion {dollars}.

Whereas Bankman-Fried is a “relative newcomer to political spending,” in line with the Wall Avenue Journal, FTX has already dabbled within the area.

In February 2020, FTX arrange a futures contract designed to permit merchants to guess on Trump’s reelection in 2020. Dubbed Trump token, the contract expires to $1 if Trump wins the 2020 U.S. presidential normal election, and $0 if he loses. In accordance with the newest recorded knowledge, nearly all of merchants have put their bets on “Trump Lose.”  FTX subsequently launched the same futures contract for Trump’s rival Biden.

Present costs of TRUMPWIN and TRUMPLOSE tokens on FTX

At publishing time, votes for the American presidential election are nonetheless being tallied, with no declared winner up to now.