Cryptocurrency derivatives exchange FTX has acquired the popular portfolio tracking app Blockfolio for $150 million in a bid to gain a foothold in the crypto retail market.
The deal – consummated after nine months of negotiation – was settled using a combination of cash, crypto, and stock, both companies detailed. It is one of the biggest acquisitions in the digital asset industry’s short history.
According to a blog post published Aug. 26, the firms are currently working on a retail trading application that is expected to fit into Blockfolio’s existing product offering. The newest app will be released in September. The companies did not provide further details about the planned feature.
For Hong Kong-based FTX, the plan is to expand into the retail market by leveraging Blockfolio’s popularity. The app, which boasts six million users and 150 million page views each month, allows retail traders to track crypto prices and monitor their portfolios in real-time. More than 600 exchangers utilize Blockfolio’s tools to communicate with…