Tetek said that Trezor's sales went up 300% from one week to the next and that this growth is still happening. He also noted that Trezor's sales are higher now than they were a year ago when Bitcoin hit its all-time high of $68,000. At the same time, the executive said 350% more people have gone to Trezor's website. If you want to get started with Bitcoin mining, check the biticodes.
Tetek says that Trezor is sure that FTX's problems are why more people are using wallets now. A company called FTX that deals in cryptocurrencies have been in the news lately because it used money from its customers incorrectly. Tetek said people were crazy about Trezor wallets at the beginning of last week. At the same time, people said that the FTX was going out of business.
The CEO says that Trezor will be able to meet customers' needs for a long time. Tetek thought that sales would go up, so she hoped that, in the long run, the company's stock wouldn't change. He said that Trezor doesn't plan to raise the prices of its hardware wallets because the company wants "self-custody to be available to everyone."
Trezor doesn't plan to hire more people, even though demand has increased and there have been more support questions. Tetek says that 100 people work for Trezor, and the majority of them are in Prague. They were ready for a long and hard bear market, so they haven't had to lay anyone off.
Ledger is another big name in the hardware wallet market, and its products are also in high demand."We are getting the message loud and clear that we must go back toward decentralization and self-custody. You won't lose your money or your keys."
As the FTX virus spread, even the most popular cryptocurrency markets told their customers to take charge of their own money. When big businesses fail, it can have a domino effect. This is what happened to the FTX bitcoin exchange.
Since FTX filed for bankruptcy on November 11, more and more companies have had to say how much "exposure" they have to FTX, FTX US, and Alameda Research. In this case, "exposure" means that a company has a financial relationship with FTX, such as a loan, a promise, an investment, or a deposit.
On November 10, Genesis Trading said that $175 million had been "locked" in its FTX trading account. The business had to stop people from taking money out of its lending arm because of "unprecedented market turbulence."Gemini found out one day after saying it wasn't that it had been exposed to Genesis, which had been exposed to FTX.
As soon as Gemini announced what it would do, traders on the decentralized finance lending protocol Aave lined up to sell short Gemini Dollar, GUSD. They were worried that FTX would spread to Gemini and make it another victim.
New on-chain evidence shows that the first thing to bring down FTX was the collapse of Terraform Labs in May 2022.Even before Terra and FTX, a virus has spread through cryptocurrency markets many times.
The audited financials show the public how much money the privately owned company has for the first time. Since FTX was so successful, it proliferated and started doing business in many different places.
The cryptocurrency exchange made more money in 2021 than the year before, when it made $89 million. It has gone up by more than 1,000%. Like the profits of many new businesses, its profit depends on how it is calculated. The company's operating income was $272 million, which was $14 million more than the previous year. The year before, FTX only made about $17 million in net income, but the next year, it made $388 million.
In a presentation for investors given to CNBC, the company said that in the first three months of 2022, it made $270 million in sales. The business was on track to make sales of about $1.1 billion in 2022. However, we don't know how well FTX did in the second quarter because cryptocurrency prices fell during the recent "Crypto Winter."
But it only made $808.3 million in the second quarter of this year, which is 64% less than it did in the same quarter last year. Also, when it said it had a net loss of $1.1 billion, that was a surprise. It made a net profit of $1.59 billion during the same quarter last year. This took place because there were fewer retail trades.
