- According to leaked documents, the revenue of cryptocurrency exchange FTX soared more than 1,000% in 2021.
- The cryptocurrency exchange’s revenue soared more than 1000% from $89 million to $1.02 billion in 2020 compared to its net income FTX earned $388 million last year, up from $17 million in 2020, and compared to its
- Two-thirds of the exchange’s revenue comes from futures trading fees.
There is no doubt that during 2020 and 2021 cryptocurrencies experienced a heyday that led several companies to present significant profits, however, everything changed with the entry of 2022 and the crypto winter in its wake.
The fall of the crypto market led to projects like Terra (LUNA) and TerraUSD (UST) disappearing, another consequence was that some exchanges went bankrupt or, in the best case, had to lay off some of their staff in order to continue. in functions.
With all this context it is difficult to read news of crypto companies that present significant profits so far in the crypto winter, however it seems that this is the case of the exchange FTXwho, according to leaked documents to which the media had access CNCB, Cryptocurrency exchange revenue skyrocketed over 1000% in 2021.
FTX Earns $1.02 Billion in 2021
Without a doubt, FTX was one of the exchanges that took advantage of the bonanza of digital assets that occurred during 2021, since according to the documents, the operating income of the crypto exchange was $272 million, compared to $14 million in 2020.
Lhe cryptocurrency exchange’s revenue soared more than 1000% from $89 million to $1.02 billion in 2020 on its net revenue FTX earned $388 million last year, up from $17 million in 2020.
So far in 2022, during the first quarter the company generated $270 million in revenue, however it is unknown how the exchange’s performance has been for the second quarter of the year, a period in which the crypto winter exploded.
Where did FTX’s revenue come from?
According to the medium Decrypt only 16% of the platform’s revenue comes from spot trading as largest portion of exchange revenue come from futures trading commissions.
At the moment the exchange continues with its expansion plans focusing on the US market.
One of its strategies is the purchase of the firm BlockFi, an acquisition the firm could make for as little as $15 million unless BlockFi customer assets reach at least $10 billion by the time the company exercises its option. to buy the company. If so, FTX US will have to contribute another $100 million.
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