FTX Announces $1 Billion Charitable Foundation

Published: 29.04.2022

Article reading time:
1 min.

Sam Bankman-Fried, co-founder and CEO of cryptocurrency derivatives exchange FTX, revealed that the company plans to set up a $1 billion charitable foundation to prevent the next pandemic.

At the Crypto Bahamas 2022 conference, Sam Bankman-Fried announced FTX’s intentions to tackle environmental issues. The head of the exchange announced the launch of the first In On print advertising campaign, as well as the creation of a $1 billion charitable foundation.

The exchange will engage in philanthropy with Brazilian fashion model Gisele Bündchen through the climate funds and the FTX Foundation. The foundation’s top priority will be pandemic prevention.

“If we learn how to detect the disease early and provide global access to vaccines, the outcome of the next pandemic may not be as serious as with COVID-19,” Bankman-Fried said.

Earlier, the head of FTX said he plans to give away his $ 24 billion fortune to charity, leaving 1% of his living income. In addition, he donated about $5.2 million to the political campaign of Joe Biden, the current President of the United States, in 2020.

Gisele Bündchen has served as a Goodwill Ambassador for the United Nations Environment Program since 2009. According to her, “no industry matters if we cannot enjoy clean soil and water – these are the things we need to survive.”

Recall that earlier the leaders of the Goldman Sachs bank and the FTX exchange discussed the support of the crypto exchange in negotiations with regulatory authorities in order to enter the IPO.