CEO of FTX Cryptomorph derivatives exchange donated $5 million to Biden’s campaign

The „relative newcomer“ to politics has joined other major donor CEOs of the Democratic candidate.

Sam Bankman-Fried, CEO of the Hong Kong-based Crypto Genius derivatives exchange FTX, donated US$5.2 million to Joe Biden’s presidential campaign.

As reported by the Wall Street Journal on October 28, Biden’s presidential campaign received a total of US$79.5 million from the top 100 donors who call themselves CEOs. Bankman-Fried would have been the campaign’s second largest „contributor CEO,“ after Michael Bloomberg, one of the co-founders of the media and financial company that bears his name, who donated US$56 million.

The main contributions of CEOs to Biden and current president Donald Trump are still just a drop in the ocean. Both campaigns, along with their external sponsors, have raised US$2.2 billion.

Although Bankman-Fried is a „relative newcomer in political spending,“ according to the Wall Street Journal, FTX had already ventured into this arena.

In February 2020, FTX launched a futures contract designed to allow traders to bet on Trump’s re-election in 2020. Called a Trump token, the contract expires at $1 if Trump wins the US general presidential election in 2020, and $0 if he loses. According to the latest data, most traders bet on Trump’s defeat. FTX subsequently launched a similar futures contract for Trump’s rival Biden.

At the time of writing, the votes for the US presidential election are still being counted, with no declared winners so far.