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By uniting the brand identity, FTX is looking to rival Coinbase and other major trading platforms.
FTX has announced that FTX: Blockfolio mobile app will now be called FTX mobile app. The crypto exchange had acquired the Blockfolio portfolio tracking app for $150 million in August 2020. Prior to that time, Blockfolio had over six million crypto enthusiasts on its platform. Following the acquisition, the app morphed into a trading app and took a hybrid name FTX: Blockfolio. Since then, the goal has been to integrate the trading platforms via FTX.COM and FTX.US.
What the Renaming of the Trading App into FTX Will Do
Beginning on Wednesday, the name change were effected on the app and users of the FTX: Blockfolio can see it. The company announced that the change would have no effect on the current user experience. By uniting the brand identity, FTX is looking to rival Coinbase and others for retail traders.
Speaking on the development, the CEO of FTX Sam Bankman-Fried stated in a press release that “the rebrand of FTX: Blockfolio to FTX puts the final cap on our acquisition of Blockfolio, doubling down on our commitment to being the number one crypto trading platform for both retail and institutional users.” This, he stated, will allow the company to bring new features to the market and improve the user experience.
With this integration, new users will be able to trade different cryptocurrencies and NFTs on a single mobile platform. Also, the digital assets and trading products available will be based on location. For users in the United States, trading on the app will be powered by the FTX.US website. For those elsewhere, trading will be powered by the FTX international trading platform.
Conclusively, FTX.US President Brett Harrison said, “Blockfolio has fully integrated and become one with FTX. Together we’re looking forward to improving, expanding, and working to provide the best product for retail users and institutions alike.” LikewsBlockfolio co-founder and former CEO, Ed Moncada agrees it was the right decision to integrate with FTX and agrees that FTX is able to take the company to the next level.
FTX is a top digital currency portfolio management and trading platform that charges no fees for its transaction. There are two trading options on the platform; trading in the US using FTX.US, and international trading using FTX.COM. FTX recently raised $900 million in a Series B funding drive and currently has a market valuation of $18 billion and over 8 million mobile app users. The FTX mobile app can be downloaded on both Apple & Google Play stores.