Cryptocurrency exchange FTX has announced the acquisition of popular crypto portfolio tracker Blockfolio in a deal paid entirely in FTX’s native token, FTT.
FTX, which launched in 2019 and quickly gained a reputation for its advanced trading features, has been expanding its offerings in recent months with the addition of new products and services. The acquisition of Blockfolio, which has over seven million users, will allow FTX to further expand its reach and provide additional tools for its customers.
“We are excited to bring Blockfolio’s expertise and experience in portfolio tracking to the FTX ecosystem,” said Sam Bankman-Fried, CEO of FTX. “This acquisition is a strategic move for us as we continue to focus on providing the best possible experience for our users.”
Blockfolio, which was founded in 2014, offers a comprehensive portfolio tracking and management platform for both novice and experienced cryptocurrency traders. The platform allows users to track their portfolio value and performance, as well as receive real-time alerts on market movements and news.
With the acquisition, FTX plans to integrate Blockfolio’s tracking capabilities into its own platform, while also maintaining the standalone Blockfolio app. This will provide FTX users with access to even more tools and resources for managing their crypto investments.
FTT, the native token of FTX, has seen strong growth in recent months, with a market capitalization of over $4 billion. The use of FTT as the payment for the acquisition is a further endorsement of the token’s strength and potential as a valuable asset.
The acquisition is expected to close in the coming weeks, with the terms of the deal remaining undisclosed.
“We are excited to join the FTX team and continue to provide our users with the best portfolio tracking experience possible,” said Ed Moncada, CEO of Blockfolio. “We believe this partnership will allow us to grow and improve our platform in ways that would not have been possible on our own.”
The acquisition of Blockfolio is just the latest move in FTX’s ongoing expansion efforts. In recent months, the company has also launched new products such as futures contracts and options, as well as added support for new cryptocurrencies.
With the acquisition of Blockfolio and the continued expansion of its product offerings, FTX is positioning itself as a leader in the cryptocurrency space and a go-to destination for traders looking for advanced trading tools and resources.