On August 25, The Block reported that crypto derivatives exchange FTX has acquired Blockfolio, a promising cryptocurrency price tracking app. According to FTX’s CEO, Sam Bankman-Fried, a total of $150 million was paid in the form of equity, FTX’s native token, and cash.
FTX was launched in 2019 and since then, the company has consistently released various new products for institutional traders, including a wide range of derivatives. While there is still no information on how exactly Blockfolio will fit under the FTX domain, this is one of the largest acquisition deals in the digital asset space this year.
“Without going too much into the gory details, the goal here is to be able to offer the best product that can leverage the loyal following that Ed has built out,” Bankman-Fried said. “I think what that means is pulling out all the stops. That means giving access to Blockfolio to all of the entities we have and for each user, hooking them up with what fits them.”
Blockfolio is one of the largest cryptocurrency portfolio trackers. Its products allow users to receive updates from the blockchain environment directly from team leaders, allowing them to manage their crypto investments and stay up to date with exchange and global average pricing.
According to FTX’s CEO, the exchange is committed to making Blockfolio “massively bigger.” With its 6 million users and 150 million impressions per month, the app is gaining more popularity by the day and, after collaborating with FTX to bring in new retail trading products, the platform is expected to scale up drastically.
“If you look at the billions of dollars and hundreds of millions of users on apps like Robinhood, Cash App, PayPal, Coinbase, etc., you can get a sense of the scale of growth that’s not just theoretically possible but in fact achieved here,” Bankman-Fried said. “And in the end, those are just examples, not the largest vision you could have for Blockfolio.”