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as cryptocurrency has become one of the hottest asset classes of the last few years crypto exchanges are on the rise with coinbase and binance among the biggest but recently a new competitor raised 900 million dollars at an eye-watering valuation of 18 billion that company is ftx the next big crypto exchange built by traders for traders which processes tens of billions of dollars daily but what is the story behind the next big crypto exchange and how was ftx founded here's how it happened ftx was thought up and created by sam bankman fried a 29 year old billionaire and the son of two stanford law professors he studied at mit where he became aware of effective altruism encouraging people to maximize their social impact with a view to donating money to charity he went into finance in order to make a fortune after working for jane street capital bankman fried launched alameda research in 2017 a quant trading firm and liquidity provider following the rise in bitcoin and later founded ftx...