FTX revenue up 1000% in 2021 and 2022 looks like an even better year!
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Answer FTX revenue up 1000% in 2021 and 2022 looks like an even better year!
Revenues from the world-famous cryptocurrency exchange FTX rose more than 1,000% during 2021, from $89 million to $1,020 million, according to the company’s financial documents leaked to CNBC.
According to the documents submitted, FTX’s net revenue during 2021 has grown exponentially to more than $387 million.
This is a significant increase compared to the $14 million it made in 2020.
Crypto Winter and the Opportunities It Brings to FTX:
In 2022, FTX continued its hot streak despite a bear market that led to the closure of many crypto companies.
During the first quarter of the year, FTX generated more than $270 million in profit and is on track to amass more than $1.1 billion in revenue, according to the same aforementioned source.
Read:Coinbase’s partnership with Blackrock opens the door to more regulation in the arena!
And certainly the question that comes to mind:
How did the company continue to get such good results despite the winter on the crypto market?
CNBC reports that FTX does not want to answer that question.
Sam “Fried” Bankman, CEO and founder of the company, has already confirmed these numbers.
It is worth noting that FTX was founded 3 years ago, and in such a short time, it has become an important competitor to Binance and Coinbase, two companies that own a large share of the cryptocurrency user base.
However, unlike FTX, they do not achieve what FTX achieves during the crypto winter.
So far, FTX has acquired several companies, such as Bitvo, a Canadian trading platform, and Embed Financial Technologies, an equity clearing platform, to boost its growth in the market.
In July 2022, FTX offered to buy Voyager Digital, but the latter refused.
FTX is currently discussing the acquisition of Bithumb, a Korean cryptocurrency exchange, and has reached an agreement with BlockFi to buy it for $240 million.
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