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CRYPTO EXCHANGE FTX: SALES TO PASS $1 BILLION IN 2022

 



These are unbelievable numbers. According to the forecasts, FTX could take up to $1.1 billion this year. Documents also revealed that the company held nearly $2.5 billion in cash at the end of 2021 and had a profit margin of around 27%.


The onset of crypto winter in Q2 didn't really have a significant impact on the cryptocurrency exchange , instead solidifying it as a lender in times of this turmoil.


Last month, Bankman-Fried explained that the emphasis on recovering client funds implies that it's permissible to get a "moderately bad" deal in bailing out failing cryptocurrency ventures, since such ventures aren't always about precisely optimizing returns .


FTX was founded in 2019 by Bankman-Fried, a former Wall Street quant trader.

FTX has acquired a slew of crypto startups over the past year to position itself as one of the largest crypto derivatives platforms in the country, coinciding with a string of investments in 2022 including fintech Liquid.


Additionally, recently audited data shows that the exchange spent around 15% of its total revenue on advertising and marketing last year. Net margin for the year was 27%, but excluding expenses it was about half that.


FTX continues to focus heavily on giving US residents greater access to crypto derivatives in the future. Additionally, SBF has sought to acquire underperforming digital asset companies and has continued to cement its organization's brand throughout this year's market downturn.

The Australian crypto exchange Swyftx, for example, was forced to lay off several of its employees due to a combination of the economic crisis and the general crisis in the crypto market.


According to the management, this course of action should have been an absolute emergency step, because in the ongoing bear market it is now necessary to reduce costs.

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