A handful of cryptocurrency exchanges have suddenly become billion-dollar companies. An explosion in bitcoin’s popularity has supercharged previously small-time platforms into powerhouses generating millions of dollars in revenues every day.
The dizzying returns are a poke in the eye for stock and currency trading platforms that have opted to stay out of the world of digital assets. They must watch as barely four-year old start-ups boast about bumper revenues. The question is: how long can the bonanza last?
Previously unreported numbers indicate exchanges such as Binance and FTX are on track to achieving well over $1bn in profits this year, according to the companies as well as calculations by the Financial Times.
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