FTX revenue hit $1.0 billion in crypto bull run

The report estimates that Sam Bankman-Fried’s crypto exchange revenue grew more than 10x from the $89 million recorded in 2020. Additionally, FTX’s operating profit was swallowed up to $272 million. dollars throughout last year’s bull run, up from $14 million a year earlier. FTX posted a net profit of $388 million last year, compared to just $17 million in 2020.

CNBC’s report also indicates that the strong momentum seen in 2021 continued into the first quarter with $270 million in first-quarter revenue. However, it was unclear how FTX held up in the second quarter as prices plunged and crypto platforms struggled to maintain momentum during the past “crypto winter.”

By comparison, Coinbase posted a loss of $1.1 billion on revenue of $803 million for the second quarter of 2022. The results mark the second consecutive quarterly loss for the listed exchange, which recorded $7.4 billion in revenue and $3.6 billion in net. came back last year.

Sam Bankman-Fried expands his empire

The crypto giant, led by billionaire Sam Bankman-Fried, launched equity trading capabilities in the United States last month.

The exchange has already ironed out the details to enter the world of traditional finance. To provide transparent trade execution and fair pricing, FTX Stocks will initially route all orders through the Nasdaq and will not receive payment for order flow.

FTX US made headlines earlier this year when the exchange became an investor in New York-based IEX Group, the eighth largest exchange operator in the world. The startup took a gamble and made a strategic investment in the “Flash Boys” exchange as it aims to leverage its expertise and infrastructure to establish a regulated market for buying, selling and trading securities. digital assets.

The Sam Bankman-Fried crypto exchange has applied for a New York Trust Charter (becoming a New York Limited Trust Company) with the State Department of Financial Services (NYDFS). If approved, the coveted license will allow FTX.US to offer its cryptocurrency trading services to New York-based clients. Additionally, a NY Trust charter allows a company to provide services in many other states without obtaining additional licenses.