Crypto derivatives exchange FTX bought Blockfolio, a crypto currency application with 6 million users, for $ 150 million.
Crypto derivatives exchange FTX signed one of the biggest acquisition deals in the digital asset space this year, and acquired the popular crypto price tracking app Blockfolio for a $ 150 million fee.
Opened in 2019, FTX is known for offering a variety of derivative products to the market quickly, especially for corporate companies. CEO Sam Bankman-Fried stated that the acquisition will increase Blockfolio’s expansion in the retail market.
The idea of buying arose when the two companies discussed how to collaborate on new products.
“While we were thinking about how we can attract the values in the market to ourselves, we started to discuss our cooperation on new products and within a few months this business changed completely in a different direction,” said Bankman-Fried. Blockfolio also said the purchase was made with some commodities, FTX tokens and money.
The goal is “to make Blockfolio a giant”
The Bankman-Fried purchase transaction; Stating that the buyers were not made to refute the company they bought and for the bosses to “pocket the money and go”, he said, “The aim here is to seriously turn Blockfolio into a giant.” Blockfolio has reached a total of 6 million customers so far, while the number of monthly entries has increased to approximately 150 million.
Speaking about growth rates, Bankman-Fried said, “When you look at the billions of dollars gained by companies such as Robinhood, Cash App, PayPal and Coinbase and the hundreds of millions of users they have, you see the theoretical impossibility of achieving this success, but in the end it seems to have been achieved in practice. These are just examples and Blockfolio will go much further than that, ”he said.
Blockfolio co-founder Ed Moncada said, “We’re getting everyone in order. The team will grow even more ”.
It is not entirely clear how Blockfolio will be under the FTX umbrella. FTX runs a retail-focused exchange in the US called FTX.US and is working with the crypto protocol Solana to set up a decentralized exchange called Serum. FTX.US also incorporated Sina Nader, the head of Robinhood’s crypto department, in line with its growth goals.