Crypto exchanges, like other platforms, grow because there is capital that wants to trade there. This means that they have the same bootstrapping problem as a

Crypto exchanges, like other platforms, grow because there is capital that wants to trade there. This means that they have the same bootstrapping problem as a competitor to Uber or Facebook. FTX's solution to that problem was Alameda Research, which traded huge volumes on their exchange. That, in turn, made the exchange look big enough to be a serious player, which drove customers and more growth. The "phenomenal" part of FTX's business was the fraud.