Onboarding retail investors: FTX acquires portfolio tracker Blockfolio for $150 million ๐จ This article is 4 years old...
Onboarding retail investors: FTX acquires portfolio tracker Blockfolio for $150 million
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Updated: Aug. 26, 2020 at 8:17 pm UTC
Photo by Tyler Nix on Unsplash
FTX, one of the biggest and fastest-growing crypto exchanges since its launch in 2019, today announced the acquisition of Blockfolio, a crypto portfolio tracking app, for $150 million.
FTX acquires Blockfolio
Per a release shared with CryptoSlate, FTX founder Sam Bankman-Fried said the acquisition is on track with the exchangeโs broader vision of supporting crypto adoption among the retail audience.
It's happening.https://t.co/skNru4fvyi pic.twitter.com/LDJJHM44u4
— Blockfolio (@blockfolio) August 25, 2020
Our goal at FTX has been to “build the best quality trading experiences with the deepest liquidity for the widest possible cross-section of traders,” said Bankman-Fried.
He added:
โBlockfolio has built trusted relationships with millions within the crypto community, and weโre thrilled to be able to work with them to develop new and exciting experiences for that audience.โ
Blockfolio has built one of the largest and most trusted brands in crypto through its extreme focus on delivering a quality user experience. The app has been downloaded by more than 6 million users and averages more than 150 million impressions per month.ย
The company has previously raised more than $17 Million from an impressive and global list of investors that include Founders Fund, Pantera Capital, Dan Matuszewski of CMS Holdings, DCM Ventures, Hash key Digital Asset Group, among others.
The release shared that FTX and Blockfolio are announcing that they are collaborating on a unique Blockfolio retail trading experience, set to launch later this fall.ย
Ed Moncada, co-founder, and CEO of Blockfolio commented in the regard:
โWe believe crypto is on the cusp of mainstream adoption. So weโre thrilled by the potential of uniting one of the best product teams in our industry with what we are convinced is the best exchange in the space.โ
For the uninitiated, FTX services the full spectrum of investors from institutional to retail through its wide range of trading options which include industry-first derivatives, options, volatility products, and leveraged tokens.
On the other hand, Blockfolio is one of the largest apps on mobile for cryptocurrency portfolio tracking and management. It is free of charge with a user-first approach and supports over 10,000 cryptocurrencies and blockchain assets across over 500 exchanges.
Meanwhile, CMS Holdings, a crypto investment fund, said the move will help retail traders get on FTX. The latter has, so far, attracted more professional investors than retail due to its design and product range.
So what does Blockfolio get them, it gets them the ability to put their liquidity and products to the board, the board being everyone and anyone, specifically smaller retail traders many probably confused and or scared off from FTX and itโs max leverage slider bar
— CM$ PRIME (@cmsholdings) August 25, 2020
The acquisition is the second-such in the crypto space. Earlier last year, crypto exchange Binance acquired CoinMarketCap for $400 million in a controversial takeover.
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FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
