FTX witnessed a revenue boost of over 1000% in 2021, thanks to large client onboarding, partnerships, sponsorships, and other elements, according to internal documents.
FTX was one of many crypto exchanges that had a front-row ticket to the 2021 crypto craze when Bitcoin (BTC) and other cryptocurrencies reached all-time highs.
FTX 2021 revenue tops $1B
Over the weekend, CNBC reported that the firm has also made a number of acquisitions and expanded its global reach. In 2021, the company’s revenue had increased by more than 1,000%, from $89 million to $1.02 billion.
Other developments have taken place during the past few months, such as FTX’s completion of a contract in July granting it the option to purchase lender BlockFi and its involvement in negotiations to acquire South Korean startup Bithumb.
According to the report, FTX generated $270 million in sales for the first quarter of this year and was expected to generate $1.1 billion in revenue this year, but this was before the “crypto winter” wrecked many people’s hopes.
In addition, the company considers going into stock trading and increasing its retail trading initiatives. However, according to the leaked documents, it remains a platform for “more sophisticated traders” who use futures or options.
Going all-in
Founder Sam Bankman-Fried also contributed roughly $1 billion during the digital asset collapse, resulting in a $2 trillion market value loss during the year’s first half. Bankman-Fried attempted to save Voyager Digital with a large loan while simultaneously anonymously investing in other companies.
The company was considering a funding round with the same magnitude as its January round. It collected $400 million at a value of $32 billion, according to a Bloomberg article that cited unnamed sources., FTX US raised an additional $400 million at a valuation of $8 billion.