Sources at CNBC got access to leaked documents that contain data on the 2021 revenue of FTX Derivatives Exchange. The report reveals, that FTX Derivatives Exchange’s earnings surpassed the $1 billion mark.
FTX Derivatives Exchange was founded by Sam Bankman-Fried in 2019. In just a few years this crypto trading platform has become one of the best exchanges for positive cash flow.
CNBC Leaked Documents
Here are the highlights of the leaked documents –
- In the year 2021, FTX Derivatives Exchange’s earnings increased to 1.02 billion from $89 million.
- This massive jump represents a 1000% growth in revenue.
- The company’s operating income increased from $14 million to $272 million within that year.
- Last year, FTX Derivatives Exchange earned a total revenue of $388. Comparatively, the company had only earned $17 million the year before that.
The Fate of FTX
Currently, FTX enjoys a good position, recording figures as good as the last year. In the first quarter of 2022, FTX Derivatives Exchange has already earned an impressive $270 million. According to market projections, the exchange platform may earn $1.1 billion by the end of the year.
The tragedy of crypto winter which was affected by cryptocurrencies did not impact FTX as much in the second quarter. Still, FTX Derivatives Exchange offers itself as a last resort for lending. This is especially true in the case of stablecoin Terra’s (LUNA) collapse. To bail themselves out, many traders took refuge in FTX.
Apart from being the best option for last resort, FTX Derivatives Exchange has also acquired shares in many other crypto companies.