The fintech market is frequently characterized by superlatives and extremes, with standout companies able to reap unprecedented profits in record time. The age of crypto has raised the bar in financial success still further, with companies at the heart of cryptocurrency trading such as Coinbase regularly posting revenue figures double or triple what they achieved the previous day.
According to financial data recently leaked to CNBC, however, privately held crypto exchange FTX saw growth unparalleled by any of its rivals over the course of the crypto boom. Among the insights gained from this leak is the company’s growth in revenue from $89 million to over $1 billion in 2021, a more than tenfold jump.
Although FTX has not commented on the leak of these remarkable financial figures, the company’s apparently explosive success has been borne out by its aggressive expansion in international markets. In addition to recent explorations into purchasing lending fintechs such as BlockFi and the South Korean Bithumb, the Sam Bankman-Fried-led company has built its business into 15 subsidiary companies across the world. Furthermore, with its $400 million fundraise earlier in 2022 and relatively low operating costs, FTX has clearly built itself into an international powerhouse right before our eyes.