FTX – Blockfolio: the beginning of a close collaboration
According to the official statement, Blockfolio will launch a trading experience for private traders. This new service will be directly powered by the FTX infrastructure and will be launched this fall.
This operation is particularly strategic for FTX, whose clientele consists mainly of professional traders. The acquisition of Blockfolio could allow it to attract a greater number of individual clients:
“We are at the start of a bull market that will bring more new users into the industry,” Ed Moncada, co-founder and CEO of Blockfolio, told Cointelegraph.
Founded in February 2019, FTX is an exchange focused on cryptocurrency derivatives, offering numerous futures and leveraged tokens. According to data from CryptoWatch, FTX would be the platform with the most liquidity, well ahead of its competitors.
FTX is undoubtedly one of the companies in the cryptocurrency industry the fastest growing. With its acquisition of Blockfolio, the exchange now has the potential to gain several million additional users.
Created in 2014 and became popular in 2017 following the explosion of ICOs, Blockfolio has more than 6 million downloads and its services count on average 150 million consultations each month.
The Blockfolio app gives its users the ability to monitor the evolution of their portfolio. The application supports several thousand cryptocurrencies and almost all exchanges on the market. In particular, it allows you to keep abreast of changes in prices, market data, news and updates from a project team.
Will Blockfolio keep its independence?
Blockfolio wishes to reassure its users by stating that the application will continue to operate independently. The company stresses that nothing will change in the seriousness with which it treats the data and the privacy of its users.
Obviously, despite its acquisition by FTX, all exchanges currently supported by the application will remain so. However, the two companies in question will not be content only with business cooperation.
According to comments from Samuel Bankman-Fried, CEO of FTX, gathered by Crypto Briefing, the growth potential for a crypto-focused mobile app is immense:
“More and more of the world is not just online, but especially mobile. There is plenty of evidence that there is a great demand for this type of product, if it is done well. It is a vast sector to be exploited, ”he said.
This large-scale transaction for FTX comes close to Binance’s takeover of CoinMarketCap, another cryptocurrency market data aggregator. The acquisition at $ 400 million surprised the cryptosphere and much controversy over the true independence of CoinMarketCap quickly surfaced.
Note that this $ 150 million transaction turns out to be the 6th largest acquisition in the history of the cryptocurrency industry, ahead of BitTorrent by Tron for $ 125 million.
👉 On the same topic: Binance delists leveraged tokens from FTX to “protect traders”
By cooperating with Blockfolio, FTX will be strongly supported in its quest to attract particular traders. It now remains to ensure that the promises of independence are truly kept.
It seems that acquisitions of this magnitude in the cryptocurrency industry are full of twists and turns …
👉 Find out more: CoinMarketCap includes BNB in DeFi category, conflict of interest?
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About the Author : Clement Wardzala
Since 2017, I have been interested in Bitcoin, cryptocurrencies and associated blockchain technology. I firmly believe in these technological innovations and that they are already revolutionizing many sectors.
All articles by Clément Wardzala.