Bitcoin derivatives exchange FTX purchases Blockfolio for $150m

Derivatives exchange FTX has made an impressive acquisition by adding Blockfolio to its books in a deal worth $150 million

Cryptocurrency derivatives platform FTX has acquired portfolio tracker Blockfolio for $150 million as it begins to target the retail market.

FTX has become a top five exchange in terms of trade volume despite launching relatively recently in May, 2019.

It has built upon BitMEX’s idea to offer highly-leveraged cryptocurrency derivatives while also adding precious metals, oil and even a market on the US presidential race later this year.

According to data from CoinGecko, it has had $875 million of trade volume in the past 24-hours as well as $537 million open interest.

Its decision to purchase Blockfolio, which itself recently raised more than $17 Million from investors that include Founders Fund and Pantera Capital, comes after rival exchange Binance acquired CoinMarketCap for a reported sum of $400 million.

Sam Bankman-Fried, co-founder and CEO of FTX, said: “From day one, our goal at FTX has been to build the best quality trading experiences with the deepest liquidity for the widest possible cross-section of traders.

“Blockfolio has built trusted relationships with millions within the crypto community, and we’re thrilled to be able to work with them to develop new and exciting experiences for that audience.”

Blockfolio was founded in 2014 and has since been downloaded six million times with more than 150 million impressions per month.

Ed Moncada, Co-Founder and CEO of Blockfolio, added: “We’re at the beginning of a bull market that will bring more new users to the space. Together, we’re setting out to build a new standard for quality in retail trading experiences. When it comes to joining us on that mission, there is no exchange moving as quickly or as thoughtfully as the team at FTX.”

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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