FTX cryptocurrency exchange acquires Blockfolio wallet tracker – TechCrunch

FTX, a cryptocurrency exchange that offers derivatives, options and other sophisticated products, acquires a popular portfolio tracking app, Blockfolio.

FTX is spending $ 150 million on the acquisition. But take this price with a grain of salt as it is a combination of money, cryptocurrency, and stocks. Cryptocurrency (and stocks) in particular may not be perfectly liquid.

While an exchange buying a portfolio tracking app seems like the right fit, it doesn’t necessarily have the same audience at the moment. FTX is better positioned for professional traders because it allows you to trade in the futures markets and even offers ERC-20 tokens that track bitcoin’s volatility.

Blockfolio is a consumer app and has been downloaded over 6 million times on iOS and Android. The start-up previously raised $ 17 million from Founders Fund, Pantera Capital, Dan Matuszewski, DCM Ventures, Hashkey Digital Asset Group and others.

As the name suggests, Blockfolio allows you to add your cryptocurrency portfolio and track their value over time. The app also allows you to view market movements by searching for a token in the app. You can also automate portfolio tracking by connecting the app to your trading accounts.

With today’s decision, FTX wants to launch a simpler trading experience for retail clients. The teams behind FTX and Blockfolio are already working together on a Blockfolio branded trading product.

And if FTX takes advantage of Blockfolio’s user base, that will definitely be a big liquidity advantage.

The post FTX cryptocurrency exchange acquires Blockfolio wallet tracker – TechCrunch appeared first on USNewsRank.