Cryptocurrency derivatives exchange FTX expects net profit to exceed $ 40 million this year

Cryptocurrency derivatives exchange FTX's financing recommendation document sent to institutional investors a month ago shows that the exchange expects to achieve a net profit of US $ 40 million in 2020, and it is expected to triple its net profit every year in the next three years. Performance growth. In contrast, according to previous reports, Binance's 2019 net profit was about $ 577 million. However, Sam Bankman-Fried, founder and CEO of FTX, said that it expects to achieve a net profit of $ 40 million for the full year of 2020. "This is a figure for the previous month. The current updated performance is expected to be higher than this figure." Bankman-Fried said The trading volume of the FTX exchange has doubled in the past few weeks, showing the possibility of achieving higher profits. FTX just announced the launch of equity tokens that can be purchased through Bitcoin and other payment methods. The price of the equity token is $ 2, and the minimum purchase size is $ 250,000, with a soft top of 30 million and a hard top of $ 50 million. The total valuation is 1 billion U.S. dollars, which means that the equity token's P / E ratio is about 25 times.