How FTX Went From $0 to $32 Billion in Less Than 3 Years

💎 How FTX Built a $32 Billion Exchange in Less Than 3 Years || Wolf of Mainstreet ⭐Show more

FTX and its founder Sam Bankman-Fried (SBF) are currently undergoing much turmoil, but at one point in time, FTX built the fastest growing company in the history of business.

In less than three years, the FTX cryptocurrency exchange has achieved a valuation of over $32 billion, serving over six million registered users in over 200 countries. This feat would have taken traditional big banks, hedge funds, and other businesses decades of planning, investing, and aggressive marketing. So how did they do it?

To be fair FTX has been very lucky to have been built during the recent crypto boom of the early 2020s.

But a lot of their success also has to do with product innovation, operational execution, and product market fit driven by its founder Sam Bankman-Fried.

Being a trader himself, SBF built FTX for traders by traders, building an exchange that was an overnight success. Don’t get me wrong, there are countless exchanges that have come and gone. But what has allowed FTX and SBF to stay so relevant? And how has FTX overtaken other leading exchanges in such a short amount of time? As we'll see SBF overcame the odds to build the fastest growing company in the crypto world through creativity and sheer grit.

Even as a young self-described math nerd, SBF seemed to be destined for success in crypto.

SBF grew up in a highly academic setting as the son of two Stanford Law professors, studied physics at MIT, and worked on wall street as a quantitative trader. After leaving Wall Street in 2017, he became interested in the crypto ecosystem and the crypto boom that gripped the markets towards the end of that year.

As he began to study the market, SBF's trading instincts kicked into overdrive and he discovered the arbitrage opportunity of a lifetime in the US and Asian crypto markets. His fascination with such an opportunity later evolved into an obsession.

During that period, SBF noticed that bitcoin was traded at substantially higher prices in Korea than in the United States due to differences in demand. For example, an investor might purchase bitcoin for $5,000 on an American exchange and instantly sell it for $7,500 in Korea. "The Kimchi Premium," as it was known, sometimes exceeded 50%. So SBF and other traders jumped on the opportunity.

This was one of the many insights that made FTX a multi-billion dollar overnight success. Find out how they did it and how you can do the same in this video!

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⏲️CHAPTERS⏲️
00:00 Introduction
01:33 Origins of Sam Bankman-Fried
05:37 SBF Builds the FTX Exchange
12:39 FTX Will Be an Everything Exchange

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