The cryptocurrency industry is facing another major deal within the market, as a popular crypto portfolio tracker joins the team of a fast-growing digital asset derivatives exchange.
Blockfolio, the popular digital asset portfolio tracker announced today it has been acquired by the crypto derivatives exchanges FTX. The deal of $150 million is said to result in collaboration and launching the new retail trading product most possible this fall.
Blockfolio, is the leading cryptocurrency portfolio management app, downloaded more than 6 million times. Founded back in 2014, the free application tracks over 10.000 cryptocurrencies and digital assets across 500 exchanges and delivers users the price information to monitor their current portfolio. The company has raised $17.5 million in a funding round back in 2018.
Meanwhile, FTX is one of the Top 5 cryptocurrency derivatives exchange processing over $800 million worth of trades in a day, according to CoinGecko. Founded in the spring of 2019, the rapidly grown platform offers its institutional clients the innovative products that include crypto derivatives, options, and leveraged tokens.
According to the tweet of its CEO and founder Sam Bankman-Fried, the newly launched derivatives exchange reached $1 billion volume in less than six months since launch. The fast growth mainly related to institutional clients and whales, the cryptocurrency investors that hold large amounts of assets.
The latest acquisition of Blockfolio is one of the biggest acquisition deals across cryptocurrency markets this year. Another deal of $400 million happened earlier this year, when cryptocurrency exchange Binance purchased crypto data provider CoinMarketCap, causing lots of discussions of a possible conflict of interests.
Following the latest news, Blockfolio claims it does not mean the end of the company’s story. According to the official blog post, the collaboration will open new opportunities:
We’re teaming up with one of the most dynamic companies in the space because the stakes of crypto are about to get much higher, the community of crypto users is about to get much bigger, and together, the possibilities for what we can build for them are endless.
The team behind Blockfolio declared it is intensively working on a “new retail trading experience”, Blockfolio will be launching later this fall. However, the company does not reveal any further details.
Reportedly, Blockfolio will continue to operate as an independent app and no changes will be applied for its users in terms of their account data and privacy. As stated in the official announcement, the users will still be able to import data from any cryptocurrency exchange.