FTX Revenue Increases 1000% During Crypto Peak

According to a leaked financial report, FTX’s revenue is up 1000%, reaching over $1 billion in 2021 after earning just $90 million in 2020. CEO Sam Bankman-Fried did not officially comment but said on Twitter that numbers are in the “correct ballpark”.

According to a recent report by CNBC, crypto exchange FTX has generated over $1 billion in revenue in 2021 after making just $90 million the previous year. This crypto exchange’s revenue face figure increased by 1000% during the crypto boom.

According to the report, the growth was driven by its global trading business, citing internal documents. It also said that FTX increased its operating income from $14 million in 2021 to $272 million last year, and its net income increased from $388 million to $17 million in the same time.

FTX generated $270 million in revenue in the first quarter of 2022 and is on track to generate $1.1 billion this year, according to an investor floor seen by CNBC, which notes that no It’s clear how the market crash from earlier this year has affected the company.

However, the CEO of this exchange has taken actions that surprise the community when he continuously lends support to crypto companies in difficulty.

In July, FTX US signed an agreement with crypto lender BlockFi, providing FTX with an option to buy the company, and is in talks to buy South Korean crypto exchange Bithumb. That follows the June acquisition of crypto exchange Bitvo and clearinghouse Embed.

This crypto exchange declined to comment to CNBC on the leaked financials. But Bankman-Fried appeared to confirm on Twitter that the numbers in the report are in the “correct ballpark“.

Founded in 2019, FTX quickly rose to become a leading exchange under the leadership of CEO Sam Bankman-Fried.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

CoinCu News