FTX, a cryptocurrency derivatives exchange, has reportedly acquired the top cryptocurrency portfolio tracking mobile app Blockfolio in a strategic deal of $150 million. The acquisition deal is one of the biggest deals made in the cryptocurrency industry so far in the year 2020. At the beginning of this year, the leading digital currency exchange Binance acquired CoinMarketCap for $400 million and this was the largest-ever acquisition made in the history of cryptocurrency space.
FTX Exchange now owns Blockfolio
The famous and leading cryptocurrency portfolio tracking mobile application in the market Blockfolio now belongs to the cryptocurrency derivatives exchange FTX as the exchange has paid an amount of $150 million as part of a strategic deal.
This acquisition deal is the result of discussions that occurred between these two companies about nine months ago when they were planning on collaborating with each other on building new retail-focused products. These discussions then turned into a strategic deal between them which led the FTX exchange to purchase Blockfolio for $150 million.
The Chief Executive Officer (CEO) of the FTX exchange Bankman-Fried said, “It started on that level, discussing what products we could collaborate on and it changed over the course of a few months”. Initially, Bankman-Fried and the CEO of Blockfolio Ed Moncada were the ones who negotiated this acquisition deal. Moncada said that they checked out everything they wanted to have in a partner.
New retail trading experience
The Blokfolio acquisition will help the FTX derivatives exchange to expand its marks in the cryptocurrency retail market. Through this acquisition, the company is set to bring new and the best quality retail trading experience.
The CEO of the FTX exchange stated:
“From the beginning, our goal at FTX has been to build the best quality trading experiences with the deepest liquidity for the widest possible cross section of traders. Blockfolio has built trusted relationships with millions within the crypto community, and we’re thrilled to be able to work with them to develop new and interesting experiences for that audience.”
The acquisition of Blockfolio by the FTX crypto derivatives exchange is now the sixth major acquisition in the history of the cryptocurrency space.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.