Crypto exchange FTX saw exponential growth last year, fuelled by its global trading business. Its revenue reportedly soared more than 1,000% from $89 million to $1.02 billion in 2021.
According to leaked documents, two-thirds of the firm’s revenue came from futures trading fees, and 16% came from spot trading. FTX is reported to have generated $270 million in revenue in the first quarter of 2022 and was on track to generate roughly $1.1 billion in revenue in 2022.
Sam Bankman, CEO of the crypto exchange, has been actively making acquisitions. FTX purchased a 7.6 % stake in Robinhood, a crypto exchange. The firm also offered to buy crypto lender Voyager in August but later turned down the acquisition.
FTX also invested in other firms that were on the verge of bankruptcy. BlockFi is one such lending platform that has received $250 million from them to assist in stabilising and enhancing its balance sheet.
