By
Bhushan Akolkar
April 26th, 2024
With the six million estimated users of Blockfolio and about 150 million monthly impressions on the platform’s resources, FTX is sure to have a bigger retail exposure which is good for the company’s growth prospects.
Cryptocurrency exchange FTX has inked a $150 million deal to acquire Blockfolio, a cryptocurrency platform for tracking and management. Despite FTX being relatively new to the crypto space as it was launched last year, it has seen a meteoric rise whose momentum it planned to pull all resources to maintain. The deal acquisition of Blockfolio is one way the firm believes it can achieve this.
Attributing the plans by the exchange to bring in “new trading experience,” as FTX Chief Executive Officer Sam Bankman-Fried told Cointelegraph, the big-money deal rated as one of the largest in crypto acquisition to date follows a trend set by Binance when it acquired CoinMarketCap back in April. Bankman-Fried explained that:
“From the beginning, 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 interesting experiences for that audience.”
With the six million estimated users of Blockfolio and about 150 million monthly impressions on the platform’s resources, FTX is sure to have a bigger retail exposure which is good for the company’s growth projectile.
Blockfolio Co-founder and CEO Ed Moncada affirmed the perfect alignment of his company with FTX, a firm that understood Blockfolio’s visions and style. He noted:
“We’re at the beginning of a bull market that will bring more new users to the space. Pretty much everybody picked up the phone after that deal, 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.”
Prospects of FTX and Blockfolio Partnership
With plans to extend its retail trading experience, through FTX, Blockfolio will be realizing its plans this fall. While the Blockfolio team refused to share further details about this planned portfolio, it has assured its existing users of future continuity.
With the boosted resources from both firms, crypto users may have other leverage in conducting investment activities.
Deals of this nature sometimes leave users perplexed and skeptical of the future. While Blockfolio had told its users that the deal in no way implied that “Blockfolio’s story ends with this acquisition.”
Binance exchange on its way to acquire CoinMarketCap took a slightly different approach. The top exchange asked for the crypto community’s reviews and opinions on changes they will like to see in the data aggregator’s platform after being finally acquired. This move in a way puts the users first and fears of operational decline were therefore allayed.
While we wait for updates from the duo of FTX and Blockfolio on future implementation and new offerings, we expect the growth momentum of FTX will rub off on Blockfolio.