FTX, a cryptocurrency exchange that bargains derivatives, options, & other sophisticated products, is acquiring a prevalent portfolio tracking app, Blockfolio.
FTX is spending 150M dollars for the acquisition. Nevertheless, take that price with a grain of salt as it’s a combination of cash, cryptocurrency, and stock. A cryptocurrency (and stock), in particular, might not be entirely liquid.
Though an exchange buying a portfolio tracking app seems to be the right fit, they don’t inevitably have the same audience right now. FTX is better situated for professional traders as it lets you trade on futures markets, & it even bids ERC-20 tokens that track the volatility of bitcoin.
Blockfolio is a consumer app, besides it has been downloaded over 6 million times on iOS & Android. The startup had beforehand raised $17 million from Founders Fund, Pantera Capital, Dan Matuszewski, DCM Ventures, Hash key Digital Asset Group, & others.
As the name recommends, Blockfolio lets you add your portfolio of cryptocurrencies and track their value over time. The app similarly lets you view market moves by searching for a token in the app. You can also automate portfolio track by concerning the app with your exchange accounts.
Employing today’s move, FTX wants to launch a more direct trading experience for retail customers. The teams behind FTX and Blockfolio are already working together on a Blockfolio-branded trading product, and if FTX takes advantage of Blockfolio’s user base, it’s undoubtedly going to be a substantial advantage when it comes to liquidity.