The Blockfolio model isn’t any extra: One of many first real product manufacturers within the cryptocurrency house, the cell app that began as a portfolio tracker — and later morphed right into a buying and selling app underneath the stewardship of FTX — will now take its new proprietor’s title.
Blockfolio, which boasted a consumer base in extra of six million crypto fanatics, was acquired by Sam Bankman-Fried’s FTX Trading company in August 2020 in a deal value $150 million.
“The rebrand of FTX: Blockfolio to FTX places the ultimate cap on our acquisition of Blockfolio, doubling down on our dedication to being the primary crypto buying and selling platform for each retail and institutional customers,” stated FTX CEO and crypto billionaire Sam Bankman-Fried. “Rebranding Blockfolio reveals our dedication to cell buying and selling, and is simply one other step in rising our model on a worldwide scale and can permit us to carry new options to market and higher the consumer expertise.”
In the US, merchants will expertise a “simplified” model of the FTX.US web site by way of the applying, which requires compliance with Anti-Cash Laundering and Know Your Buyer insurance policies. Elsewhere, the app will redirect customers to the FTX worldwide buying and selling platform.
“It is the top of an period,” stated Blockfolio co-founder and former CEO Ed Moncada. “It is actually part of crypto historical past — the model had a tremendous run, and I am very pleased with the sheer variety of individuals we managed to onboard into the crypto house by means of Blockfolio. However as they all the time do, Sam and his crew are actually taking this to a brand new stage and I believe the time had come for the app to come back underneath the FTX umbrella.”
FTX continues to push into the mainstream with sponsorships in areas the place there may be vital demographic overlap between crypto merchants and potential retail audiences. Not too long ago, FTX became an official sponsor of Main League Baseball, after securing the naming rights to the Miami Warmth basketball stadium.
FTX additionally lately raised $900 million in a Collection B funding spherical, with buyers together with Coinbase Ventures and Sequoia Capital. It at present has an $18 billion valuation.