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FTX CEO donated $ 5 million to Joe Biden’s presidential campaign

November 5, 2020

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

As reported the Wall Street Journal on October 28th Biden’s presidential campaign raised a total of $ 79.5 million from top 100 donors who refer to themselves as CEOs. It is reported that Bankman-Fried was the second most contributed CEO to the campaign, behind just Michael Bloomberg. Co-founder of the finance and media company of the same name, which donated $ 56 million.

CEOs’ biggest contributions to both the Biden campaign and current US President Donald Trump are still just a drop in the ocean. Both campaigns, along with their external sponsors, raised $ 2.2 billion.

FTX CEO donated $ 5 million to Joe Biden’s presidential campaign
FTX CEO donated $ 5 million to Joe Biden’s presidential campaign

While Bankman-Fried is “a relatively newbie to political issues”, according to the Wall Street Journal, FTX has already tried its hand at this.

In February 2020 FTX has entered into a futures contract that will allow traders to bet on Trump’s re-election in 2020. Called “Trump Token”, the contract expires at $ 1 if Trump wins the 2020 US presidential election and at $ 0 if he loses. According to the last recorded data, Most traders have bet on “TRUMPLOSE”. FTX then launched a similar futures contract for Trump’s rival Joe Biden.

Current price for TRUMPWIN and TRUMPLOSE tokens on FTX

At the time of this writing, votes to the US presidential election are still being counted with no winner announced yet.