Derivatives exchange FTX has just purchased Blockfolio for $150 million and will now use its tracker to give its users an idea of crypto direction on the market. FTZ wants to launch a retail product with Blockfolio soon so let’s find out in today’s crypto news.
The Hong Kong-based cryptocurrency derivatives exchange FTX announced the acquisition of the crypto portfolio tracker Blockfolio for $150 million. FTX plans to collaborate with Blockfolio on a retail trading application that is supposed to be launched this fall. This is one of the biggest crypto acquisitions on the crypto space while Binance’s acquisition of CoinMarketCap was rumored to be $400 million
FTX is a crypto exchange that is focused on derivatives with $750 million trades per day. Rather than buying and selling Bitcoin itself, the traders swap things such as options contracts and futures. The exchange also mints leveraged tokens that are complex and major exchanges such as Binance delists them because the users cannot understand them. Blockfolio’s portfolio tracker gives the users a broad overview of the direction of the crypto market by taking the price feeds of the major cryptocurrencies from hundreds of crypto exchanges as the company raised more than $17 million since the launch in 2014.
The look you give when you find out FTX has:
in the last 5 days. pic.twitter.com/ndKKSMyYXC
— FTX – Built By Traders, For Traders (@FTX_Official) August 26, 2020
With the purchase, FTX sees a huge chance to bring the powerful trading suit and the liquidity to a new audience according to the press statement. The co-founder and CEO of Blockfolio Ed Moncada said:
“We believe crypto is on the cusp of mainstream adoption. So we’re thrilled by the potential of uniting one of the best product teams in our industry with what we are convinced is the best exchange in the space.”
FTX is planning to launch the decentralized exchange Serum soon as it relies on the Solana blockchain which claims to be able to process more than 50,000 transactions per second. The Ethereum blockchain can process about 13 as FTX said that the project is not related to the retail product that it is building up with Blockfolio.
As previously reported here on one of the best cryptocurrency news sites, a report on Fortune noted, the company (Blockfolio) is rapidly growing beyond its portfolio management feature. The report noted that the company may grow in the role of a mediator for project participants, which is why it released a new feature called “signal” which allows cryptocurrency developers to share updates through push notifications – directly within the app.
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