FTX aims for the $1 billion mark in 2022
These are incredible numbers. According to forecasts, FTX could raise 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 about 27%.
The slump of the crypto winter in the second quarter did not have a real significant impact on the cryptocurrency exchange, but consolidated it as a lender in times of this turmoil.
Last month, Bankman-Fried explained that the emphasis on recovering client funds implies that it is permissible to do a “moderately bad” business in rescuing failing cryptocurrency companies, since such ventures are not always about the exact optimization of returns.
FTX was founded in 2019 by Bankman-Fried, a former quant trader on Wall Street.