In a move to expand its user base and operations, FTX crypto exchange has expended $150 million to obtain the Blockfolio app, which has over 6 million users.
According to TechCrunch, the aforementioned amount was a combination of fiat, cryptocurrency, and stock.
Many users lauded FTX for this “kingly move”, especially since Blockfolio is the leading portfolio tracking app that has over 150 million impressions every month.
The look you give when you find out FTX has:
in the last 5 days. pic.twitter.com/ndKKSMyYXC
— FTX – Built By Traders, For Traders (@FTX_Official) August 26, 2020
With the Blockfolio acquisition, FTX would be able to provide a simpler trading experience for retail users. In fact, the teams are reportedly collaborating to launch a Blockfolio-branded trading product.
Nevertheless, FTX assured users that Blockfolio will maintain its autonomy and continue to protect its users’ data privacy and anonymity.
FTX is a crypto derivatives exchange platform launched in 2019. The exchange is known for offering exchange services to institutional investors. With the recent deal, it will now be able to extend its reach to retail investors.
Meanwhile, Blockfolio was launched in 2014, and currently has support for over 10,000 cryptocurrencies and other blockchain-based assets across 500 cryptocurrency exchanges. It has a combined app download of 6 million from both Apple App Store and Google Play Store.
Aside from the Blockfolio acquisition, FTX has also appointed Sina Nader as its COO. Nader is a known finance executive with previous affiliations with Morgan Stanley, Robinhood, and CryptoLux Capital. Moreover, it has also obtained a license to operate in the US through its FTX.US exchange.