FTX grew 1,000% during the crypto bear market

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With the crypto market still trying to recover from the constant dips and big “legs”, as in the case of TerraUSD, a slowdown in companies linked to the sector is to be expected. However, the leaked documents show that at least one of the companies, FTX Cryptois against this movement, having grown at least 1,000% since last year.

Bitcoin has recently tested new resistance, even struggling for $24,000However, at the time of writing, the world’s largest cryptocurrency was below $21,350, with an immediate support level at $21,300. A value well below the almost 70 thousand dollars seen a year ago.

However, this is not stopping everyone, as FTX, led by Sam Bankman Friedposted revenue growth of more than $1 billion during 2021, a staggering 1,000% year-over-year growth.

As the document shows, FTX has grown from an $89 million market to the $1.02 billion mark during 2021. The exchange has shown growth in almost all of its revenue, with transaction flow increasing from $14 million to US$272 million in 2020, while the net income was around US$388 million, in 2020 this figure was US$17 million.

Investor estimates indicate that during the first quarter of 2022, FTX generated $270 million in revenue and is on track to exceed last year’s revenue. This calculation was made before the crypto market crashed earlier this year, so it is important to mix optimism with skepticism.

In response to the CNBC news that spoke of this growth, Bankman-Fried confirmed that the reported figures are correct, guaranteeing that the information of the great growth of FTX is true.

The disclosure comes at a good time, as the leak of this data came just a month after news broke that FTX and FTX US are in talks to raise new capital through a new investment round following a recent spending spree.

In January, FTX announced that it had raised $400 million at a valuation of $32 billion, while FTX US had raised a separate $400 million at a valuation of $8 billion.

With the release of these new numbers, it is safe to believe that the company will not have much trouble attracting new investors.

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