11.8 C
New York
Monday, November 30, 2020
Home Trends Cryptocurrency exchange FTX acquires portfolio tracker Blockfolio

Cryptocurrency exchange FTX acquires portfolio tracker Blockfolio

FTX, a cryptocurrency exchange that offers derivatives, options and other sophisticated products, is acquiring a popular portfolio tracking app, Blockfolio.

FTX is spending $150 million for the acquisition. But take that price with a grain of salt as it’s a combination of cash, cryptocurrency and stock. Cryptocurrency (and stock) in particular might not be perfectly liquid.

While an exchange buying a portfolio tracking app seems to be a right fit, they don’t necessarily have the same audience right now. FTX is better positioned for professional traders as it lets you trade on futures markets and it even offers ERC-20 tokens that track the volatility of bitcoin.

Blockfolio is a consumer app and it has been downloaded over 6 million times on iOS and Android. The startup had previously raised $17 million from Founders Fund, Pantera Capital, Dan Matuszewski, DCM Ventures, Hashkey Digital Asset Group and others.

As the name suggests, Blockfolio lets you add your portfolio of cryptocurrencies and track their value over time. The app also lets you view market moves by searching for a token in the app. You can also automate portfolio tracking by connecting the app with your exchange accounts.

With today’s move, FTX wants to launch a simpler 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 certainly going to be a big advantage when it comes to liquidity.

Source: TechCrunch

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Google Pay ends support for old apps, adds transfer fee in the United States.

Google pay will end the installment includes its web variant and old versatile application in Android and iOS toward the beginning of January. It...

Ease of doing business in India: Myths and realities

The World Bank delivered its yearly simplicity of working together report a couple of months back. The report named "Working together 2020: Comparing Business...

Google Pay to charge fees on money transfers, but here’s why users in India shouldn’t worry!

Tech giant Google as of late, delivered another update for its installments administration application Google Pay in the United States. It presented paid advancements...

Indian Startups and their scope in India

The startup environment in India: India has the third biggest startup environment on the planet; expected to observe YoY development of steady yearly growth of...

Recent Comments

%d bloggers like this: