Cryptocurrency trade FTX has introduced the acquisition of common crypto portfolio tracker Blockfolio in a deal paid solely in FTX’s native token, FTT.
FTX, which launched in 2019 and shortly gained a popularity for its superior buying and selling options, has been increasing its choices in latest months with the addition of latest services. The acquisition of Blockfolio, which has over seven million customers, will enable FTX to additional develop its attain and supply further instruments for its clients.
“We’re excited to deliver Blockfolio’s experience and expertise in portfolio monitoring to the FTX ecosystem,” mentioned Sam Bankman-Fried, CEO of FTX. “This acquisition is a strategic transfer for us as we proceed to concentrate on offering the very best expertise for our customers.”
Blockfolio, which was based in 2014, presents a complete portfolio monitoring and administration platform for each novice and skilled cryptocurrency merchants. The platform permits customers to trace their portfolio worth and efficiency, in addition to obtain real-time alerts on market actions and information.
With the acquisition, FTX plans to combine Blockfolio’s monitoring capabilities into its personal platform, whereas additionally sustaining the standalone Blockfolio app. This may present FTX customers with entry to much more instruments and assets for managing their crypto investments.
FTT, the native token of FTX, has seen sturdy development in latest months, with a market capitalization of over $4 billion. Using FTT because the fee for the acquisition is an additional endorsement of the token’s energy and potential as a worthwhile asset.
The acquisition is predicted to shut within the coming weeks, with the phrases of the deal remaining undisclosed.
“We’re excited to hitch the FTX staff and proceed to supply our customers with the perfect portfolio monitoring expertise attainable,” mentioned Ed Moncada, CEO of Blockfolio. “We consider this partnership will enable us to develop and enhance our platform in ways in which wouldn’t have been attainable on our personal.”
The acquisition of Blockfolio is simply the newest transfer in FTX’s ongoing enlargement efforts. In latest months, the corporate has additionally launched new merchandise corresponding to futures contracts and choices, in addition to added help for brand spanking new cryptocurrencies.
With the acquisition of Blockfolio and the continued enlargement of its product choices, FTX is positioning itself as a frontrunner within the cryptocurrency area and a go-to vacation spot for merchants searching for superior buying and selling instruments and assets.