The crypto industry is back in a big way. In the last week, Bitcoin hit a new 2020 high—growing more than 200% since its lows at the beginning of the COVID-19 crash.
It has outperformed not only equities but also traditional risk-off assets such as gold. Other sectors of crypto like DeFi (decentralized finance) have more than tripled in value this year as well.
In that environment, rapidly growing exchange FTX has acquired portfolio tracking app Blockfolio for $150 million - one of the largest acquisitions in the cryptocurrency industry’s history.
An exchange built by traders for traders, FTX is one of the crypto space's breakout stars. Since launching in May 2019, the company’s breadth of innovative products and liquidity ranking alongside industry veterans, has helped FTX gain market share from competitors to become a Top 5 exchange.
Founded in 2014, Blockfolio has built one of the largest and most trusted brands in crypto through their extreme focus on delivering a quality user experience. The app has been downloaded by more than 6 million users and averages more than 150 million impressions per month. The company has previously raised more than $17 Million from an impressive and global list of investors that include Founders Fund, Pantera Capital, Dan Matuszewski of CMS Holdings, DCM Ventures, Hashkey Digital Asset Group, and more.
“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,” said Sam Bankman-Fried, co-founder and CEO of FTX.
In addition to the acquisition, FTX and Blockfolio are announcing that they are collaborating on a unique Blockfolio retail trading experience, set to launch later this fall.
“We believe crypto is on the cusp of mainstream adoption. So we’re thrilled by the potential of uniting one of the best product teams in our industry with what we are convinced is the best exchange in the space,” said Ed Moncada, Co-Founder and CEO of Blockfolio.
“To us no one is innovating as quickly or with as much depth of thought and integrity as Sam and his team at FTX. I couldn’t be more excited.”