FTX generated over $1 billion in revenue last year: CNBC

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Crypto exchange FTX generated over $1 billion in revenue in 2021 after just $90 million the previous year, according to a new report from CNBC.

The growth was driven by its global trade activity, according to the report, which cites internal documents. It also states that FTX increased its operating profit from $14 million in 2021 to $272 million last year, and its net profit fell from $388 million to $17 million in the same year. period.

FTX generated $270 million in revenue in the first quarter of 2022 and was on track to generate $1.1 billion this year, according to an investor filing seen by CNBC, which notes that it is not clear how the market crash earlier this year affected the company.

Founded in 2019, FTX has quickly grown into a top exchange under the leadership of CEO Sam Bankman-Fried.

Lately, Bankman-Fried has been pursuing acquisitions and stepping in to lend money to crypto companies facing liquidity crises. In July, FTX US reached a deal with crypto lender BlockFi that gives FTX an option to buy the company and was in talks to buy South Korean crypto exchange Bithumb. This followed the June acquisitions of crypto trading firm Bitvo and clearing firm Embed.

FTX declined to comment to CNBC on the leaked financial information. But Bankman-Fried seemed confirm on Twitter that the numbers in the report are in the “correct ballpark”.

© 2022 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.



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