In a surprise move, Sam Bankman-Fried, CEO of popular cryptocurrency derivatives trading and software platform FTX, has secretly handed a staggering $27 million to an anonymous crypto news and information site, as well as its Chief Executive Officer.
The news was revealed on FTX’s official blog over the weekend, and sparked a great deal of speculation surrounding the motivations of the transaction. Bankman-Fried has made it clear that the $27 million, payable in both USD and various digital currencies, is intended to help raise the profile of the crypto news site and to give the CEO of the site more of a financial stake in its operations.
The investment is just the latest in a number of high-profile moves taken by Bankman-Fried in 2020. Most recently, the FTX founder announced a $1.2 billion deal to acquire the popular crypto exchange, Binance.US.
Though Bankman-Fried has been relatively quiet about the reasons for the investment into the crypto news site and its CEO, the FTX release does mention that he sees the move as an opportunity to “support the infrastructure for the crypto and blockchain space” and to “help drive more adoption of the crypto space by increasing and improving the quality of education and information.”
The news has been met with a positive response from the crypto industry and community, with many voicing their approval of Bankman-Fried’s decision. Many view the investment as a powerful signal of his commitment to supporting the burgeoning crypto space.
It remains to be seen whether this will be a one-time gesture or the beginning of a larger endeavor on Bankman-Fried’s part. Whatever the case, it is certainly an intriguing development, and one that further underscores the importance of cryptocurrency to the global financial landscape.
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