FTX is a cryptocurrency exchange incorporated in Antigua and Barbuda and headquartered in The Bahamas. The platform offers innovative products including industry-first derivates, options, volatility products and leveraged tokens. Eager to learn more, stay glued as we explore, the net worth, revenue, earnings, assets, and income of FTX.
How Much is FTX Worth?
- Founded: May 2019
- Founder: Sam Bankman-Fried and Gary Wang
- Industry: Cryptocurrency
- Net Worth: $32 Billion
- CEO: Sam Bankman-Fried
How it Started
Founded in May 2019 by two MIT graduates Sam Bankman-Fried and Gary Wang. Prior to FTX, Bankman-Fried was a trader on Jane Street Capital’s international ETF desk. He traded a variety of ETFs, futures, currencies, and equities, and designed their automated OTC trading system. Bankman-Fried also founded Alameda Research, a quantitative trading firm.
On the other hand, Gary was a software engineer at Google prior to founding FTX. There, he built systems to aggregate prices across millions of flights, decreasing latency and memory usage by over 50%.
In August 2020, the company acquired Blockfolio, a cryptocurrency portfolio tracking app for $150 million.
How it is Going?
In July 2021, FTX raised $900 million at an $18 billion valuation from several investors including Sequoia Capital, Alan Howard, Softbank, Paul Tudor Jone, and Third Point Management. That same year, a major competitor Binance which had invested in the company in 2020 divested its share.
The company is incorporated in Antigua and Barbuda and headquartered in The Bahamas. As of July 2021, the company has over one million users with an average of $10 billion daily tradings. FTX also operated in the US as FTX.US.
In January 2022, the company raised $400 million in Series C funding at a $32 billion valuation. A month later, FTX.US announced that the company would soon begin offering stock trading to its US customers.
In 2021, investors valued FTX at $18 billion. The exchange and its US operations hit a combined $40 billion valuation in January 2022.
Who Owns FTX?
The two major shareholders of FTX are Sam Bankman-Fried and Gary Wang. Bankman-Fried is the largest shareholder of the FTX exchange. Wang owns 16% of the exchange and 18% of its US operations.
FTX Products
- Bitcoin
- Bitcoin Cash
- Ethereum
- Litecoin
- USDT
- PAXG
FTX Net Worth, Revenue, Assets, and Income 2023
As of 2023, FTX hаs an estimated net worth of $32 Billion. In the last year, the exchange was valued at $18 billion. However, it has experienced massive growth both in revenue, income, and assets. What’s more, FTX has about 250 employees on its payroll.
Summary
FTX stock keeps on showing uncommon strength, making way for significantly greater expenses. As of 2023, the company is valued at $32 billion. In the space of three years, the platform has grown to become one of the biggest crypto exchange platforms.
