FTX turnover exploded by 1,000 % last year to over 1 billion USD: Report
FTX turnover exploded by 1,000 % last year to over 1 billion USD: Report
- The income of the Sam Bankman-Fried crypto exchange has reported reported last year and have achieved a 10-digit value
- ftx has tried to further consolidate his position by buying stricken crypto companies
Like the financial documents that were borne, the crypto exchange FTX recorded a sales increase of 1,000 % to more than $ 1 billion $ by CNBC.
The total turnover of FTX reported reportedly from $ 89 million to $ 1.02 billion in 2021, with the company adding a profit of $ 321 million.
According to the report, around $ 272 million in operating income for 2021 was brought into the balance sheet of the company, compared to $ 14 million in the previous year. According to reports, FTX's activities also brought considerable income with around $ 270 million in the first quarter of this year.A spokesman for FTX did not immediately answer a request for comments on questions about the leaked document.
This year FTX is to generate income of $ 1.1 billion, CNBC reported on an investor deck, which means that the stock exchange could exceed its previous profits despite low cryptop prices and reduced trading activity.
ftx uses acquisition strategy in the middle of booming income
ftx bought various crypto companies last year to position itself as one of the industry-wide platforms for cryptody shares, which coincides with several investments in 2022, including the fintech company Liquid.
The company's US branch also acquired the derivative platform LedGerx regulated by the Commodity Futures Trading Commission in October 2021. The company intends to offer US citizens access to crypto derivatives.
not to mention that FTX CEO Sam Bankman-Fried tried to buy battered companies for digital assets and to consolidate the position of his company after this year's market crisis.
At the end of the last month, the stock exchange gave an offer for the crypto loan Blockfi after it became known that it was a financial hole of $ 80 million due to its commitment to the bankrupt hedge-grotton hedge funds Three Arrows Capital.
This was followed by Bankman-Fried's revolving credit line of $ 250 million for the battered startup a week earlier.
But its quick growth attracted the regulatory authorities. Last week the Federal Deposit Insurance Corporation (FDIC) FTX US warned about misleading statements about whether the user wealth values FDIC insured on the broker accounts of the stock exchange were not the case.
. .
Post-ftx turnover exploded by 1,000 % last year to over 1 billion USD: The report is not a financial advice.