[Asia Economy Reporter Jeong Hyunjin] Global cryptocurrency exchange FTX recorded more than ten times its sales compared to the previous year, CNBC reported on the 21st (local time).
CNBC obtained FTX's performance data and reported that FTX's sales last year reached $1.02 billion (approximately 1.4 trillion KRW), with a net profit of $388 million. Sales increased by 1046% and net profit by 2182% compared to 2020.
FTX's sharp increase in sales last year appears to be due to the cryptocurrency boom. The price of Bitcoin, the leading cryptocurrency, soared to $69,000 in early November last year. At that time, Ethereum was also traded at $5,000.
Whether FTX's sales boom will continue this year remains uncertain. FTX posted $270 million in sales in the first quarter of this year. Industry experts predict FTX's sales this year will reach $1.1 billion. Sales for the second quarter have not been disclosed. CNBC reported that it is unclear how FTX endured the so-called "Crypto Winter," the second quarter marked by a sharp drop in cryptocurrency prices.
FTX is a cryptocurrency exchange founded in 2019 by 30-year-old American billionaire Sam Bankman-Fried.
Last month, news emerged that FTX is pursuing the acquisition of Bithumb, the second-largest exchange in South Korea by trading volume. Bloomberg News reported on the 22nd of last month, citing an anonymous source involved in the acquisition negotiations, that "FTX is making advanced negotiations to acquire Bithumb, and both companies have been discussing the acquisition for several months." In response, Bithumb's largest shareholder, Vidente, stated, "There have been related discussions," but added, "Nothing has been concretely decided yet."
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