The FTX exchange is now part of the selected unicorn startup groups. These companies whose market value exceeds US$ 1 billion earn this denomination. As the company’s CEO, Sam Bankman-Fried, told The Block Crypto, FTX passed that brand comfortably. The company reached US$ 3.5 billion, according to the executive.
The site also points out that FTX has become a unicorn with only a year and a half of existence. Besides, its CEO joined the Forbes 30 under 30 list of 2021. He’s alongside names like Chelsea Crowder, vice president of the traditional J.P. Morgan. In the listing, speaking of Bankman-Fried, the American magazine points out that FTX generated about US$ 50 million in revenue this year alone, with a profit of US$ 30 million.
Pursuing ‘easier fruits’ helped FTX become unicorn
According to CoinTelegraph, Bankman-Fried said in an interview with The Block that the search for “easier fruits explains success”. And that FTX sought to create solutions to issues that existed on other platforms.
In May, the company began a partnership with Brazilian Company Transfero to trade BRZ — a Reais-backed stablecoin. In September, seeking to increase its share in the country, FTX reduced its local market rates. The bet paid off, and FTX’s business around here grew exponentially. In November, FTX contributed R$ 40 million in Transfero, confirming its interest in the local market.
And “Brazil can contribute more and more to the valuation of FTX”, Antônio Neto, the company’s representative in Brazil, told CoinTelegraph. Although he evaluates that the market is still “incipient for FTX”.
In addition, another novelty this year was the creation of Serum, a decentralized exchange that runs on the Solana network, an alternative to Ethereum. Thus, Serum offers a fast and inexpensive trade infrastructure. The new exchange also has its governance token, the SRM, which gives its holders the rights to provide opinions on company decisions.