Gen Y is the first generation to have grown up with access to the internet, cell phones, and other forms of digital media. “Digital natives” is a term that is frequently used to describe people who have grown up and are tech-savvy, particularly those in the gene Y generation.

And the character I’m about to introduce is a true Gen Y representative. He’s been dubbed the “Mark Zuckerberg of cryptocurrency.” At the age of 29, he went from being a single student who mastered the technique of building the world’s top FTX exchange to becoming a billionaire. Sam Bankman-Fried is his name.

Who is Sam Bankman-Fried?

We’ll use three main keywords to describe Sam: “enthusiasm,”‘altruism,” and “minimalism”.

Enthusiasm: Workaholic with strict self-discipline: He has the desire to change the world of traditional finance and nurtures his passion and determination to achieve his goal in the field of cryptocurrency.

Altruism: Despite being born into a family of Stanford Law School professors and having a physics degree, the “effective altruism” movement => motivation for him to work in the financial sector to make quick money and donate to charities.

Minimalism: Despite being a young billionaire, he prefers a minimalist lifestyle, maintaining a diet, sharing a room with friends, and wearing T-shirts and shorts to work, especially for someone who follows an environmental protection vegetarian diet.

Some basic information about FTX

What is FTX exchange?

FTX- Alameda Research’s cryptocurrency derivatives exchange specializes in investing in electronic assets and providing liquidity. The mission of the FTX exchange is to assist new investors in solving problems by understanding the market and user psychology.

Spot (instant trading), Futures Contracts (Future Contracts), Move Contracts, Leveraged Tokens (Margin), and OTC are the derivative products available.

What was Sam’s motivation to found FTX?

Sam attended a conference in Macao, Hong Kong, in late 2018. At the same time, Bitcoin Cash underwent a hard fork, resulting in the creation of two new coins: Bitcoin SV (Satoshi Vision) and Bitcoin ABC.

Part of the reason for the Bitcoin Cash fork is the debate among Bitcoin factions about whether the cryptocurrency needs to increase its block size. Exchanges will have to figure out how to deal with existing futures contracts on the base currency as a result of this fork.

Sam was not pleased when he saw what had happened. Sam Bankman-Fried created his own electronic floor after becoming uneasy with other electronic exchanges. According to Forbes estimates, FTX’s revenue grew to $32 billion in just three years, and Sam became a billionaire at the age of 29 with $24.5 billion.

Some factors that create the success of FTX

Human factors

Because the captain of FTX is SAM, a person who always likes to help people with charity projects, so that is also the reason why FTX always has projects to support humanity. FTX has so far donated $10 million to charities including Open AI, a research lab that works to ensure that artificial intelligence benefits humanity, and the Humane Federation, which seeks to end the abuse of animals raised for food.

For example, recently, FTX on the evening of February 28 announced that it would spend 1 billion USD to establish the Future Fund, an investment fund that will incubate projects “for the long-term development of mankind”. It focuses on safely solving problems related to AI-powered technology, reducing the risk of bio-chemical disaster, and solving global hunger.

Active cooperation

With a mission to transform traditional finance and spread positive influence around the world, FTX is always looking for potential partners to help it achieve its objectives.

More specifically, FTX has recently begun to appear in a number of new locations in order to assist people in those areas.

Exchange FTX and AZA Finance have partnered to further popularize blockchain, Web3 and NFT space to people in Africa. It builds infrastructure, educate local users about crypto.

Exchange FTX has announced that it has acquired Liquid, a licensed cryptocurrency trading platform in Japan. Both FTX and Liquid hope to work together to bring more cryptocurrency solutions to both individual users and corporate organizations in the land of the rising sun to “attack” the European market. Asia in the near future.

On March 8, FTX received a license from the Cyprus Financial Markets Authority (CySEC) to launch its branch in Europe – FTX Europe, offering products and services its head for European customers. Cryptocurrency exchange FTX establishes a new branch in Australia.

Safety

Derivative products have gotten a lot of attention from investors in recent years, as we can see. FTX has attracted a large number of investors.

FTX is always safe for its users because it is backed by Alameda Research, the world’s largest liquidity provider. This exchange will have a value in the billions of dollars by the second half of 2021, with a huge number of transactions increasing every day and over a million users.

When it comes to the attack status, the FTX floor has yet to occur, and even simple errors like lag and jerk have been handled by a team of digital experts.

Uniqueness

The “people” factor, which is always striving to provide the best services to customers, is what sets FTX apart. That is also why any investor can be attracted to this investment floor and join it.

I’ll go over some of the unique features of the FTX exchange: FTX does not charge users for deposit or transaction fees, and the company’s founders have developed apps for both Android and iOS that allow users to update and conduct transactions right from their phones.

FTX is aware of the psychology of investors, who are always concerned with security FTX has concentrated on creating a top-notch security system for users.

What does FTX need to improve?

Poor customer service

As can be seen, the majority of the user complaints are about FTX’s customer service. It has something to do with how quickly customer service responds to support tickets. Many people must wait for months for their withdrawal request to be approved.

FTX should commit to responding to customer feedback or requests at a specific time. Furthermore, FTX should provide phone support 24 hours a day, seven days a week, as well as a live chat feature for its customers.

See ya in the next article !

Don’t forget to follow useful articles about Crypto Market from team Holding B !!!