The cryptocurrency derivatives exchange, FTX, is acquiring Blockfolio, a portfolio tracking app. This deal was announced on 25th August, in Asia. FTX is a robust cryptocurrency exchange platform for professional trading firms, made for traders by traders. Blockfolio is a portfolio tracker that tracks your portfolio of cryptocurrencies over time and allows users to view market moves on the platform.
FTX Spends $150 for Blockfolio Acquisition
It cost FTX $ 150 to acquire Blockfolio, the leading portfolio tracking app. The payment got made in cash, cryptocurrency, and equity. According to Paul Veradittakit, a Blockfolio board member, this deal positions FTX to create a broader mainstream for mobile users.
This deal seems to be the sixth-largest acquisition in the history of the cryptocurrency sector. The deal ranks top of the BitTorrent acquisition of the Tron Foundation, which costs $ 25. However, it ranks below the Lightyear.iOS deal on acquiring Chain, which cost $ 350.
There are reports that Binance paid $ 400 million for Coin Market Cap. If this is confirmed to be accurate, Binance will tie for the first place with two other cryptocurrency companies deals. These deals include the Circle’s 2018 merging with Poloniex and NHMX to buy an 80% stake in the Bitstamp deal.
Merger Brings Together Different Audiences
FTX and Blockfolio have different audiences. FTX focuses on professional traders as it is an exchange that focuses on future markets. FTX also provides traders with ERC-20 tokens that analyze the volatility of bitcoins.
On the other hand, Blockfolio focuses on consumers. Blockfolio is a consumer app and a leading mobile tracking portfolio app with over 6 million downloads. The app is available both to Android and iOS users. The founders of Blockfolio, including Pantera Capital, Dan Matuszweki, DCM Ventures, Hashkey Digital Asset groups, among other founders, raised $ 17 million for the Blockfolio’s startup. It focuses on retail consumers and less experienced crypto enthusiasts.
Blockfolio facilitates the addition of your cryptocurrency portfolio and analyzes its worth. This portfolio tracker also enables you to view the cryptocurrency market’s state by looking for a token in the app. When users connect the app with your exchange account, portfolio tracking becomes automatic and easy.
FTX’s Motive On Acquiring Blockfolio
FTX wants to come up with an effortless experience that suits retail customers. FTX and Blockfolio merged to create the best platform, even for mobile users.
FTX looks forward to using Blockfolio’s user base to attract more audience. They want to create a leading platform for cryptocurrency traders of all levels. FTX merging with Blockfolio will bring more liquidity to the platform thanks to the diverse user base.