Cryptocurrency trading volume reached $89 million in 2020. But when the wave of cryptocurrencies swept the masses, and even companies started charging them, revenue jumped to $1.02 billion in 2021.
At the same time, operating income grew from $14 million to $272 million. While profit after tax was $388 million in 2021. Up from 17 million the previous year, according to CNBC.
In the first quarter of this year, the volume of FTX was $270 million, so the total volume is likely to be around $1.1 billion through 2022. But it is not entirely clear how the cryptocurrency exchange fared in the other quarter when prices of cryptocurrencies Various began to decline.
Loss to Coinbase
By comparison, crypto-exchange-listed platform Coinbase generated $7.4 billion in sales and $3.6 billion in profit after tax last year. But in the second quarter, cryptocurrency exchange trading volume reached $808.3 million – a 64 percent drop compared to the same period last year.
In addition, Coinbase also reported a somewhat surprising after-tax loss of $1.1 billion, down from a gain of $1.59 billion in the same period last year.
FTX was founded by former Wall Street trader Sam Bankman-Fried three years ago, after Coinbase and Binance established themselves as the world’s largest cryptocurrency exchanges. While Coinbase remains in the US, Binance, the largest exchange by volume, has visited China before moving its headquarters to the Cayman Islands.
On the other hand, FTX has been quietly developing, and now has 15 smaller companies around the world. FTX is based in Cyprus, Germany, Gibraltar, Singapore, Turkey, and the United Arab Emirates, among other countries. According to CNBC, crypto companies often buy start-ups to quickly obtain the appropriate regulatory licenses to set up shop in a new country.
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