FTX Crypto Derivatives Exchange bought Blockfolio for $ 150 million

Crypto derivatives exchange FTX bought one of the most used cryptocurrency applications – Blockfolio for 150 million US dollars. Thanks to this, Blockfolio will add a trading experience for more than 6 million users.

FTX is buying Blockfolio

Following the recent launch of a decentralized exchange (DEX) for DeFi trading called Serum, FTX continues to expand, acquiring a popular application for $ 150 million.

The consumer application, which has more than 6 million downloads on iOS and Android, has previously received $ 17 million from Founders Fund, Pantera Capital, Dan Matuszewski, DCM Ventures, Hashkey Digital Asset Group and others. Blockfolio allows users to add a portfolio of cryptocurrencies and monitor their performance. Users can also have a so-called automatic portfolio by connecting the application to different exchanges.

Following the acquisition from FTX, Blockfolio plans to start retail trading using the crypto exchange. Although no company has yet released further details, Blockfolio already allows pre-registration as the project will “be launched soon”.

However, Blockfolio assured its current users that “we will continue to operate as a standalone application and nothing has changed in how seriously we take your data and privacy. In the application, you will still be able to import data from any exchanges you want to use. “

FTX founder and CEO Sam Bankman-Fried said he is looking forward to working with the Blockfolio team and user base.

Blockfolio added that the crypto industry is at such a stage as to experience a massive increase in popularity and attract more users. Therefore, the agreement with FTX will allow the company to create “endless possibilities” for its users.

FTX’s path to success

FTX, founded in 2019, is one of the youngest crypto exchanges, but is growing relatively fast. Especially after the strategic partnership with the leading platform for trading in digital assets – Binance.

Both exchanges announced a report in December 2019 stating that Binance had “taken a long-term position in FTX”, while FTX was responsible for building the supply of liquidity and institutional products.

Binance’s CEO, Changpeng Zhao, noted at the time that having a team of professional traders in the background could allow FTX to gain significant market share. Interestingly, this is exactly what has happened since the stock exchange became the 7th largest crypto platform in terms of total trading volume.

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