On the FTX platform, retail and institutional traders can buy and sell futures, options, leveraged tokens, fiat currency, cryptocurrency, and non-fungible tokens (NFTs). Recent figures suggest the company is worth around $18 billion. In July 2021, it was reported that FTX was averaging $10 billion in daily trading volume across more than 1 million users. This provided the impetus for the launching of FTX in June 2019, a platform now known for offering more sophisticated derivative products including futures, options, and tokenized stocks that track the value of real shares in companies such as Tesla and BioNTech. Since they were mostly designed for inexperienced retail traders, most only allowed the buying and selling of cryptocurrencies. Over time, however, Bankman-Fried and his associates grew tired of the one-dimensionality of mainstream exchanges. This income was then used to found Alameda Research, a quantitative trading firm moving as much as $25 million in Bitcoin daily. There, he discovered a passion for trading ETFs and Bitcoin, with the latter making him thousands of dollars in arbitrage profit between American and Japanese exchanges. In the summer of his junior year, he decided to intern at Wall Street firm Jane Street Capital. Inspired by a meeting with one of these professors, he decided to devote his life to earning money for the express purpose of giving it away to those in need. The movement, which was founded by two Oxford University professors, encourages individuals to use evidence and reason to determine how to benefit others as much as possible. While studying at MIT, Bankman-Fried stumbled upon the philosophy of effective altruism. The platform was founded by Sam Bankman-Fried in 2019. FTX is a cryptocurrency exchange platform headquartered in the Bahamas but incorporated in Antigua and Barbuda.
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