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