FTX grew revenue 10x to $1 billion in 2021

Crypto exchange FTX made up a billion dollars in revenue last year. FTX’s revenue saw an increase of over 1,000%, going from $89 million to $1.02 billion as of 2021. The company also completed numerous acquisitions and was able to add to its global reach, CNBC said, citing internal audited financials.

As CNBC reported on August 20, FTX had $270 million in revenue for Q1 2022 and was likely to do around $1.1 billion in revenue this year – though this was before the “crypto winter” came.

Over the last few months, FTX signed a deal giving it an option to buy lender BlockFi, along with being in talks to buy South Korean company Bithumb, and have seen some other developments.

Also, the company is looking into expanding into stock trading, along with ramping up retail trading efforts. However, the leaked documents show that it’s still a venue for “more sophisticated traders” who are using futures or options.

In July, FTX was also contemplating adding a new round of capital after a spending spree added more digital assets marketplaces to its roster. Moreover, both FTX and FTX US, its American entity, were looking at raising additional capital.

The company was looking into a funding round at the same value as its January round, which raised $400 million at a value of $32 billion, Bloomberg reported, citing anonymous sources. FTX US also raised another $400 million at an $8 billion valuation.

Sam Bankman-Fried, FTX Founder, also committed around $1 billion during the digital asset rout, which saw a $2 trillion drop in market value throughout the first half of 2022. Bankman-Fried tried to save Voyager Digital with a big loan and was also investing anonymously in some other companies.