FTX

What FTX does

FTX was a cryptocurrency exchange founded in 2019 by Sam Bankman-Fried, headquartered in Nassau, Bahamas after relocating from Hong Kong. It operated a global digital asset trading platform offering spot trading, derivatives, and an NFT marketplace, serving retail and institutional cryptocurrency traders across North America, Europe, Southeast Asia, and the Caribbean. The platform monetized via transaction-based trading fees on a pay-as-you-go basis, with pricing structures typical of centralized crypto exchanges. FTX pursued aggressive expansion through both organic product development and M&A, acquiring LedgerX (CFTC-regulated US derivatives), Bitvo (Canada), Bitocto (Indonesia), Zubr Exchange (Gibraltar), and Good Luck Games / Storybook Brawl (gaming via FTX Gaming), while integrating with the Solana blockchain ecosystem.

The company's go-to-market emphasized brand-led top-of-funnel acquisition through high-profile celebrity endorsements (Tom Brady, Gisele Bundchen, Shaquille O'Neal, Larry David) and flagship ambassador partnerships (Naomi Osaka as global ambassador and shareholder), supplemented by institutional capital relationships with investors including Sequoia, Tiger Global, Temasek, Ontario Teachers' Pension Plan Board, and BlackRock across Series B ($1B at $18B valuation in July 2021, plus a $420M extension at $25B in October 2021) and Series C ($400M at $32B in January 2022). FTX expanded into adjacent verticals including blockchain gaming (FTX Gaming) and pursued regulatory footholds across multiple jurisdictions (Gibraltar DLT authorization, US CFTC licensing via LedgerX, Canadian registration via Bitvo).

In November 2022, FTX filed for Chapter 11 bankruptcy in Delaware following a liquidity crisis and allegations of customer-fund misuse, with founder Sam Bankman-Fried resigning. Bankman-Fried was subsequently convicted on seven counts of fraud and sentenced to 25 years in prison; the conviction was upheld on appeal. The surviving entity, the FTX Recovery Trust under CEO John Ray III, is no longer an operating exchange and instead manages asset recovery and creditor distributions (over $10B cumulatively distributed to over 1 million creditors through mid-2026) via the FTX Customer Claims Portal and distribution service providers BitGo, Kraken, and Payoneer.

Name

FTX

Legal name

FTX Trading Ltd.

Website

https://ftx.com

Company type

Private

Founded year

2019

Operating status

Closed

Headcount range

101–250 employees

Short description

FTX was a Bahamas-headquartered cryptocurrency exchange offering spot, derivatives, and NFT trading to retail and institutional customers globally; the company collapsed in November 2022, filed for Chapter 11 bankruptcy, and now operates solely as the FTX Recovery Trust distributing assets to over one million creditors.

Ownership category

akta.pro rank

Product category

Cryptocurrency Exchange

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (523160)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Centralized Crypto Exchanges (CEX) (FSAPADAA)

akta.pro secondary industries

General NFT Marketplaces (Multi-Category) (FSADANAA), Gaming NFTs & In-Game Asset Marketplaces (FSADANAF), NFT Trading, Liquidity & Financialization (AMMs, lending, fractionalization, derivatives) (FSAPAFAG)

Keywords

• Cryptocurrency exchange
• Digital asset trading
• Crypto derivatives trading
• NFT marketplace
• Blockchain gaming

Headquarters

HQ city

Nassau

HQ country

Bahamas

Offices3 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Marketing or Sales, Technology or R&D, Operations, Infrastructure, Others

Revenue model

1. Trading Fees: FTX generated revenue through transaction fees on cryptocurrency trades executed on its exchange platform
2. Digital Asset Exchange Operations: Compliant digital asset exchange operations globally through subsidiaries like Zubr Exchange in Gibraltar

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels3 records

Core offering

FTX operated a global cryptocurrency exchange platform providing spot trading, derivatives products (futures and options), and an NFT marketplace for retail and institutional users. The company expanded through regional subsidiaries including FTX.US, LedgerX (CFTC-regulated US derivatives), Zubr Exchange (Gibraltar DLT-licensed), Bitocto (Indonesia), and Bitvo (Canada), and operated a blockchain gaming division (FTX Gaming) integrating NFTs into acquired games such as Storybook Brawl. Following its November 2022 collapse and Chapter 11 filing, the company now operates the FTX Customer Claims Portal to process creditor distributions under bankruptcy proceedings.

Product overview

FTX was a cryptocurrency exchange offering spot trading, derivatives, and NFT marketplace services, operating globally from the Bahamas with US-specific operations through FTX.US. The platform expanded through multiple acquisitions including the CFTC-regulated LedgerX (US derivatives), Zubr Exchange (Gibraltar DLT-licensed), Bitocto (Indonesia), Bitvo (Canada), and Good Luck Games/Storybook Brawl (gaming via FTX Gaming). Post-collapse, the company operates the FTX Customer Claims Portal to process creditor distributions through BitGo, Kraken, and Payoneer under Chapter 11 reorganization.

Differentiator

Problem solved

Functional benefit

Products and services

• FTX Cryptocurrency Exchange Global cryptocurrency exchange platform providing spot trading, derivatives (futures and options), and NFT marketplace services to retail and institutional users. Operated from the Bahamas before filing for Chapter 11 bankruptcy in November 2022.
• FTX.US US-specific cryptocurrency exchange operated by West Realm Shires Inc., offering spot trading and regulated crypto derivatives to US traders through CFTC-regulated LedgerX.
• LedgerX CFTC-regulated digital currency futures and options exchange acquired by FTX.US to offer regulated crypto derivatives products to US traders and institutional clients.
• FTX Gaming Blockchain gaming division focused on environmentally friendly blockchain technologies and integrating NFTs into acquired game assets, including the Storybook Brawl platform via Good Luck Games acquisition.
• FTX Customer Claims Portal Bankruptcy claims management portal enabling FTX customers to access account information, submit electronic proof of claim in the Chapter 11 proceedings, complete KYC/AML verification, view account balances as of the Petition Time, and track distribution status through Distribution Service Providers.

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature2 records

Partnerships

Seven partnerships are on record, tiered regional, minor, flagship and core.

• BitvoregionalChannel Partner/ Reseller/ Distributor · 17 June 2022FTX acquired Alberta-based Bitvo to officially launch in Canada, expanding its regional footprint through this acquisition
• Good Luck GamesminorStrategic or Co-development Partner · 22 March 2022FTX acquired Good Luck Games, developer of Storybook Brawl, aiming to incorporate blockchain technology and NFTs into the game. The transition was in early stages with plans to explore NFT integration
• Naomi OsakaflagshipGTM or Marketing Partner · 21 March 2022Naomi Osaka entered a long-term partnership with FTX as global ambassador and shareholder, focusing on increasing women's access to crypto and Web3. She produces content, wears FTX branding, and promotes diversity in the industry
• LedgerXcoreStrategic or Co-development Partner · 31 August 2021FTX.US acquired LedgerX, a CFTC-regulated digital currency futures and options exchange, to enhance regulated crypto derivatives offerings to US traders and build relationships with US regulators
• SolanacoreTechnology or Integration · 1 January 2021FTX partnered with Solana and expanded its headquarters to the Bahamas, integrating with Solana's blockchain ecosystem for trading and DeFi operations
• Genesis BlockcoreStrategic or Co-development PartnerGenesis Block owned 1% of Bitocto while FTX owned 99%, with both entities classified under FTX's bankruptcy recovery structure amid ongoing proceedings and regulatory concerns
• BackpackminorStrategic or Co-development PartnerBackpack emerged from the ruins of FTX, having lost $14.5 million in the bankruptcy, and has since grown to process over $60 billion in trading volume in 2024

Scale indicators12 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Binance: The world's largest centralized cryptocurrency exchange by volume, offering spot, derivatives, NFTs, and launchpad products — a near-exact functional analog to FTX's pre-collapse product surface.
• Coinbase: Major US-regulated centralized cryptocurrency exchange offering spot, derivatives, and staking — directly comparable to FTX.US in target market, regulatory posture, and product mix.
• Kraken: Long-standing centralized crypto exchange offering spot, derivatives, staking, and NFT trading — comparable to FTX across both retail and institutional segments.
• Crypto.com: Centralized crypto exchange and app with spot, derivatives, NFTs, and a Visa card — comparable to FTX's vertically diversified exchange-plus-consumer-finance stack.
• Bybit: Global centralized crypto exchange with a derivatives-heavy product mix — closely comparable to FTX's derivatives focus and global (non-US) customer base.
• OKX: Global centralized exchange offering spot, derivatives, and Web3 wallet services — comparable to FTX in product breadth and international reach.
• Bitfinex: Long-established centralized exchange known for derivatives and professional liquidity — comparable to FTX's institutional and pro-trader focus.
• KuCoin: Global centralized crypto exchange offering spot, derivatives, margin, and token listings — directly comparable to FTX's broad altcoin and derivatives offering.
• Gemini: US-regulated centralized crypto exchange founded by the Winklevoss twins — comparable to FTX.US on regulatory posture and institutional/retail dual focus.
• BitMEX: Crypto derivatives exchange historically focused on perpetual swaps and futures — comparable to FTX's derivatives-led product DNA and pro-trader customer base.

Market position

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/FTX_official
• Facebookfacebook.com/ftx.official
• LinkedInlinkedin.com/company/ftx

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds7 records

Investors48 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A10 records

Investments28 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FTX