US$150 million: To expand retail business, FTX acquires Blockfolio

Source: The Block 2020-08-26

The crypto derivatives exchange FTX acquired the popular crypto price tracking application Blockfolio for $150 million , which is one of the largest acquisitions in the digital asset sector this year.

FTX was launched in 2019 and is known for quickly providing new products to institutional traders. Its products are mainly derivative products. CEO Sam Samman-Fried said in an interview that the acquisition of Blockfolio will help the company expand its influence in the retail market .

Early discussions between the two companies on how to collaborate on new products hatched the acquisition plan. Blockfolio is actively exploring how to find the value generated in crypto transactions.

Samman-Fried commented: "From the current level, we have discussed which products can be jointly developed and what changes have taken place in the market within a few months. This transaction is not for the acquirer to spin off the acquired company to obtain useful or useful In the way of useless assets, FTX is committed to making Blockfolio larger ( Blockfolio already has 6 million users and sees approximately 150 million uses per month )."

The acquisition was completed in the form of mixed equity, FTX's local tokens and cash .

The two companies are still working on developing unique retail transaction features , and similar features are expected to be launched later this fall.

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Forex Markets

US$150 million: To expand retail business, FTX acquires Blockfolio

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