Will the craze for crypto startups ever produce the next tech giant?

THE HONG KONGFTX,FTXOTPP office of a cryptocurrency exchange, is a place where basic needs come second to business. Food and booze lie around desks fitted with six screens each. Sam Bankman-Fried, its boss, says he sleeps four hours a night on a bean bag next to his desk—if he’s lucky. He sees little difference between breakfast and dinner, apart from “which restaurants are open for delivery”.His restlessness mirrors that of crypto markets, which never sleep. But it also reflects the speed at which the two-year-old firm is growing. Last month announced a $420m funding round that valued it at $25bn, just three months after investors gave it a price tag of $18bn. The deal featured the of the investment universe, including BlackRock, the world’s largest money manager, , a $170bn Canadian pension fund, and Temasek, a sovereign fund from Singapore.