The FTX Trilogy draws to a close. In this final chapter, we’ll discuss the company’s future, examining potential paths for expansion, and consider

FTX Trilogy, Part 3: The Everything Exchange

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2021-08-16 02:00:07

The FTX Trilogy draws to a close. In this final chapter, we’ll discuss the company’s future, examining potential paths for expansion, and considering acquisitions. As with the rest of the series, this has been informed by access to internal documentation that hasn’t been shared before, along with our analysis. You may want to read Part One or Part Two, first. ‍

The young Jeff Bezos, a fresh defector from the hedge fund world, had studied a number of wedges before making a decision. Should his online business sell CDs? VHS tapes?

Books made the most sense. In their durability, portability, and especially variety, they were perfectly suited to be sold over the internet. It proved a sound decision.

In time, of course, Amazon became something much grander, more expansive. A place to buy almost every conceivable item — an “everything store,” as writer Brad Stone described it.

If FTX succeeds in maintaining its trajectory, we may look back on this period as the company’s “book” era. Today, FTX is mostly a cryptocurrency exchange, but that might not be the case for long.