World-renowned cryptocurrency trading platform FTX saw its revenue grow by more than 1,000% in 2021, from $89 million to $1.02 billion, according to company financial documents leaked to news outlet CNBC.
According to the filing, FTX’s net revenue in 2021 has grown exponentially to more than $387 million. This is a significant increase from $14 million in 2020.
Crypto Winter is a Billion Dollar Opportunity
In 2022, the company continues its Hot momentum. In the first quarter of this year, the company made a profit of more than $270 million and is on track to accumulate more than $1.1 billion in revenue, according to sources cited by CNBC.
The company continues to do so well despite the devastation of the crypto winter? CNBC reported that FTX did not want to answer the question. The company’s CEO and founder, Sam Bankman-Fried, has confirmed the numbers.
It is worth mentioning that FTX was established 3 years ago, in the In a short period of time, it has become a serious competitor to Binance and Coinbase, two exchanges that have a large share of the cryptocurrency user base. However, unlike FTX, they did not fare well in the crypto winter.
For example, in the first quarter of 2022, Coinbase reported a 64% drop in revenue from the previous quarter, equating to a net loss of over $1.1 billion. It even had to lay off a significant portion of its staff amid all the controversial decisions widely discussed on Crypto Twitter.
FTX was built in bearish times
So far this year, FTX has acquired companies such as Canadian trading platform Bitvo and equity clearing platform Embed Financial Technologies to facilitate its growth in the market.
In July 2022, FTX offered to acquire Voyager Digital, but the company declined. Its lawyers say the offer is not fair or beneficial to them.
“This is a very low offer masquerading as a white knight ransom.”
While Bankman-Fried has repeatedly stated that he intends to help other cryptocurrency startups, it is also true that his company bought with the current conditions
Currently, FTX is discussing the acquisition of South Korean cryptocurrency Exchange Bithumb and reached an agreement with BlockFi to acquire it for $240 million. It also tried to acquire Celsius, but pulled out shortly after.
With all these bailouts and acquisitions on the table, it’s hard to doubt SBF’s words. As Nathan Rothschild said, exchanges are clearly buying on the sound of cannons. However, unlike the last part of Financial Adagio, it still hasn’t sold under the horn.
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