FTX Confirms Blockfolio Acquisition Announcement The FTX cryptocurrency exchange confirmed Tuesday's acquisition of Blockfolio.

FTX Confirms Blockfolio Acquisition Announcement

FTX Cryptocurrency Exchange Confirms Tuesday Acquisition Of Blockfolio.

According to Techcrunch, the deal amounted to $ 150 million, formed from the traditional, digital currency and shares.

The Blockfolio acquisition will enable FTX to provide a simplified trading product for retail clients. Teams from the two firms are already working on it and intend to launch it under the Blockfolio brand..

According to The Block, negotiations between FTX and Blockfolio began with an offer to collaborate to create a new product and continued for several months. In particular, Blockfolio was interested in the possibilities of monetization of users trading in cryptocurrencies..

FTX CEO Sam Bankman-Fried said that his company is not going to destroy Blockfolio, but on the contrary - will help the service grow further.

“Looking at the billions of dollars and hundreds of millions of users on apps like Robinhood, Cash App, Paypal, Coinbase, and so on, you can get an idea of ​​the scale that is not only possible in theory, but is already being achieved here,” he added..

Earlier Blockfolio developers raised $17 million from Founders Fund, Pantera Capital and other investors.

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