FTX founder Sam Bankman-Fried has signed the Giving Pledge, a public commitment by the world's richest people and families to donate the majority of their wealth to philanthropic causes either during their lifetime or in their wills.
Bankman-Fried's fortune is estimated by Forbes to be $21 billion, making him one of the richest individuals the crypto market boom has produced.
The bulk of Bankman-Fried's fortune comes from his stake in crypto exchange FTX. FTX most recently closed a $400 million funding round in January that valued the company at $32 billion.
"Some time ago, I came to believe that it is our duty to do as much as we can for the long-term overall benefit of the world," Bankman-Fried wrote in his commitment letter. "Ultimately, it is the work that my friends and colleagues in the foundations do that matters most."
The billionaire crypto founder is a longtime effective altruist, a philosophy that advocates maximizing the amount of good that can be done when it comes to giving to charity.
In recent years, Bankman-Fried has earned a reputation for writing big checks and donating primarily to political campaigns. That includes a record $12 million to support candidate Carrick Flynn, who is focused on effective altruism. Last month, Flynn lost in the Democratic primary for Congress in Oregon.
To date, the FTX Foundation, FTX's philanthropic arm, has given $21.8 million to charity.
Coinbase founder Brian Armstrong, who owns an estimated $2.8 billion, also signed the pledge in 2018.
Founded in 2010, the Giving Pledge was created by Microsoft founder Bill Gates and his ex-wife Melinda Gates, along with investor Warren Buffet, to encourage the very wealthy to give more.
To date, the Pledge has 230 signatories from 28 different countries. Other prominent signatories include Meta founder Mark Zuckerberg, BitMEX co-founder Ben Delo and Tesla's Elon Musk.