With the rise of crypto, the FTX exchange could have generated $1 billion in revenue in 2021.
Citing internally audited financial statements, CNBC reported on Saturday (August 20) that the company also made numerous acquisitions and was able to strengthen its global footprint. The company’s revenue grew by more than 1,000%, from $89 million to $1.02 billion in 2021.
FTX made $270 million in revenue in the first quarter of this year, according to the report, and is expected to generate around $1.1 billion in revenue this year – although that’s before the ‘crypto winter’ wipes out. expectations of many people.
The past few months have seen other developments, such as FTX signing a deal in July giving it an option to buy lender BlockFi, while also being in talks to buy South Korean firm Bithumb.
The company also plans to expand into equity trading, as well as stepping up its retail efforts. However, the leaked documents show that it is still a place for “more sophisticated traders” who use futures or options.
FTX did not respond to an after-hours request from PYMNTS for comment.
Last month, PYMNTS wrote that FTX was also considering adding a new round of capital after a spending spree added more digital asset markets to its roster. FTX and its US entity, FTX US, were looking to raise new capital.
Read more: FTX Raises Funding to $32 Billion After Buying Crypto Firms
According to a Bloomberg report citing unnamed sources, the company was looking at a funding round of the same value as January’s, which raised $400 million at a valuation of $32 billion. FTX US raised another $400 million at an $8 billion valuation.
Founder Sam Bankman-Fried also committed about $1 billion in the digital asset rout, which caused a $2 trillion drop in market value in the first half of the year. Bankman-Fried tried to save Voyager Digital with a large loan and also invested anonymously in other companies.
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NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS HAVING HIGH DEMAND FOR SUPER APPS
About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.