Looks like major players in the crypto industry are seeking expansion and are acquiring partners to broaden and amplify their scope of offerings. Earlier this year we saw the giant Binance acquire CoinMarketcap, and now the industry soothsayers believe that this could be a great way to make ingress into zones which have been hitherto unexplored.
Blockfolio, one of the most popular portfolio management apps, is off the radar because FTX exchange has apparently acquired the number one crypto app for forwarding retail expansion and to increase its market presence.
FTX was launched in 2019 and within a span of a couple of months has managed to acquire this huge brand. According to sources, it has agreed to pay $150 million prices for the Blockfolio app which has a 6-million strong user base. By acquiring the app, the exchange looks at fuelling rapid growth. The co-founder and CEO of Blockfolio, Ed Moncada was positive and said,
“We’re at the beginning of a bull market that will bring more new users to space,” Pretty much everybody picked up the phone after that deal,” He further continued. “But when it comes to the alignment of our missions, which are both very focused on the best experience for the user, there is no exchange moving as quickly or as thoughtfully as the team at FTX.”
Blockfolio was launched in 2014 as a portfolio tracking app but later it grew as a digital asset price update resource and informed users about the projects on the go. The app at present supports more than 10,000 crypto assets and more than 500 exchanges. Blockfolio was so popular back then, that during the 2017 ICO boom, the markets were marred by extreme volatility. Traders would joke that one could estimate the price increase of bitcoin by refreshing the app!
Coming back to the deal, Moncada informed that Blockfolio will continue working as an independent app. There will be no harm or risk associated with user privacy and anonymity will be maintained. Moncada has assured that there will not be any in-app favoritism despite the take-over. There will be no modification of data or information based on vested interest.
The value of the Binance-CMC deal is still under wraps but rumor mills point to a $400 million deal which has been slammed by insiders as incorrect and overpriced. But major acquisitions have been open about the value involved. Compared to CMCs total page views, the Blockfolio app has demonstrated a much higher 150 million impressions per month. While the details of the upcoming trading experience that is being developed by the two biggies are still cursory, the team points out that given the size of its base in the US, the product would surely be offered to American traders. The Spartan Group, a blockchain consulting firm, advised Blockfolio on the deal.
FTX has been rapidly introducing and iterating trading products like options, leveraged tokens, and derivatives which include TRUMP & BIDEN the retail-friendly futures contract. Over a short period, it has risen to prominence primarily due to its collective wise decisions.