JAKARTA - After FTX's collapse at the end of 2022 and the value of cryptocurrencies declined. However, Pandu Sjahrir, Founding Partner AC Ventures said, cryptocurrencies are still considered an important asset group.
This is evident, in which 15 months after the incident, Jesse Choi, Co-Founder & Co-CEO Reku announced that their company is starting to make a profit.
"I am pleased to share that the first quarter of 2024 is the best for us in the last two and a half years. Our profit margin exceeds 50 percent which is a significant achievement for us," Jesse said in a statement received on Tuesday, May 21.
A significant rise in the crypto market in 2024, especially with Bitcoin hitting an all-time high, could largely be attributed to two key factors, namely Bitcoin Halfing and the introduction of Bitcoin ETF by BlackRock.
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This development has jointly driven bullish sentiment in the global crypto market, which has led to increased adoption and investment, both from institutional investors and retailers, thus pushing the price of Bitcoin to new levels.
"As an exchange that operates with volume-based revenue models, this period of high activity has contributed greatly to our financial performance, making these quarters very successful," he added.
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