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Crypto exchange FTX revenue grew by over 1000% to $1.02 billion in 2021: Report

According to a CNBC report, FTX, a crypto exchange, saw explosive growth last year when Bitcoin (BTC) and other cryptocurrencies reached all-time highs. By 2021, the company’s revenue had increased by more than 1,000%, from $89 million to $1.02 billion. According to the revenue division, FTX’s operating income rose by 1842.85% in Q1, from $14 million to $272 million. The crypto exchange earned $388 million in net profits, a 2182.35% rise over the previous year’s $17 million.

The company of Bankman-Fried has continued to acquire amid the crypto winter. Undoubtedly, the volatility in the crypto market during the first half of 2022 gave investors a chance to buy some companies at a bargain.

For instance, in June, FTX acquired the Canadian crypto trading site Bitvo, and FTX US acquired the stock clearing firm Embed. The agreement with the latter has been critical to FTX US’s stock trading offering. Other acquisitions on the FTX table include crypto lender BlockFi and Bithumb, a crypto exchange based in South Korea.

Along with these significant acquisitions, FTX has made transactions and acquired several firms globally. Notably, the exposed records depict 15 smaller companies located in Australia, Germany, Turkey, Switzerland, Cyprus, Gibraltar, the United Arab Emirates and among other places.

Read more at Cryptoshrypto:

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