FTX revenue grew over 1000% last year!

According to CNBC’s report, FTX’s revenue grew more than 1000% last year, from $89 million to $1.02 billion. FTX’s operating profit in 2021 jumped to $272 million from $14 million a year ago in 2020. Similarly, the company’s net profit was $388 million l last year, a massive increase of $17 million from the previous year.

This year, in 2022, the FTX cryptocurrency exchange has embarked on a strong wave of acquisitions. FTX has also made investments in crypto businesses that have faced the current crisis. FTX is on track to record $1.1 billion in revenue in 2022. CNBC’s report notes:

FTX had about $2.5 billion in cash at the end of last year and profit margins of 27%, the documents show. Margins were closer to 50% if advertising expenses and “related party” expenses were removed.

Earlier this year in January, FTX secured $400 million in funding from venture capital giants like Tiger Global and SoftBank, bringing the company’s valuation to over $32 billion. .

Tackle the Giants

Founded just three years ago by Sam Bankman-Fried, the cryptocurrency exchange competes with giants like Coinbase and Binance. In order to compete, the company has built its own fleet of cryptocurrency subsidiaries.

Amid a very strong balance sheet, FTX has been looking to buy some of the struggling assets recently. As a result, the crypto exchange poured several million dollars into different crypto ventures. Last month FTX signed a deal to buy crypto lender BlockFi. It was also in talks to acquire South Korean stock exchange Bithumb. In addition, she has taken stakes in several small cryptocurrency companies spread across several countries.

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