FTX, a cryptocurrency trade that provides derivatives, choices and different subtle merchandise, is buying a well-liked portfolio monitoring app, Blockfolio.
FTX is spending $150 million for the acquisition. However take that worth with a grain of salt, because it’s a mixture of money, cryptocurrency and inventory. Cryptocurrency (and inventory) particularly may not be completely liquid.
Whereas an trade shopping for a portfolio monitoring app appears to be a proper match, they don’t essentially have the identical viewers proper now. FTX is healthier positioned for skilled merchants, because it allows you to commerce on futures markets and it even provides ERC-20 tokens that observe the volatility of bitcoin.
Blockfolio is a client app that has been downloaded greater than 6 million instances on iOS and Android. The startup had beforehand raised $17 million from Founders Fund, Pantera Capital, Dan Matuszewski, DCM Ventures, Hashkey Digital Asset Group and others.
Because the title suggests, Blockfolio allows you to add your portfolio of cryptocurrencies and observe their worth over time. The app additionally allows you to view market strikes by looking for a token within the app. You can too automate portfolio monitoring by connecting the app together with your trade accounts.
With at this time’s transfer, FTX needs to launch an easier buying and selling expertise for retail prospects. The groups behind FTX and Blockfolio are already working collectively on a Blockfolio-branded buying and selling product.
And if FTX takes benefit of Blockfolio’s consumer base, it’s definitely going to be a giant benefit in relation to liquidity.
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