Cryptocurrency exchange FTX has acquired consumer portfolio tracking app Blockfolio for $150 million.
The cash, cryptocurrency and stock deal will see a cryptocurrency exchange focused on traders of derivatives, options, volatility products and leveraged tokens gain access to a significant consumer audience.
Founded in 2014, Blockfolio has been downloaded by more than six million users and averages more than 150 million impressions per month. The company has raised more than $17 million from investors that include Founders Fund, Pantera Capital, Dan Matuszewski of CMS Holdings, DCM Ventures and Hashkey Digital Asset Group.
Following the acquisition, FTX and Blockfolio will collaborate on a Blockfolio-branded retail trading experience that will launch later this year.
Since FTX’s launch in May 2019, the cryptocurrency exchange’s goal has been “to build the best quality trading experiences with the deepest liquidity for the widest possible cross section of traders”, according to co-founder and chief executive officer Sam Bankman-Fried.
He said: “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 exciting experiences for that audience.”
Ed Moncada, co-founder and chief executive officer of Blockfolio, said: “We believe crypto is on the cusp of mainstream adoption. So we’re thrilled by the potential of uniting one of the best product teams in our industry with what we are convinced is the best exchange in the space.”
“To us no one is innovating as quickly or with as much depth of thought and integrity as Sam and his team at FTX. I couldn’t be more excited.”