Sam Bankman-Fried’s FTX exchange is rebranding the Blockfolio trading app after its own name. The rebrand comes hot on the heels of a $900 million dollar funding round for FTX -- the largest raise in the history of crypto exchanges.
On Wednesday, FTX issued a press release to announce that it has renamed the Blockfolio trading app to “FTX Mobile App”. The company assured that the change would not impact the current user experience and the rebranded application would serve as a “simplified” interface of the FTX.US website.
Acquired in May 2020 for $150 million, Blockfolio allows users to buy, sell and track digital assets across various exchanges. Reports indicate that it was serving over six million customers every day before it was purchased by FTX.
According to Ed Moncada, the co-founder and former CEO of Blockfolio, the change to the trading platform represents the “end of an era.” But he also expects FTX to do great things with the application now that it comes directly “under the FTX umbrella."
With FTX retiring the Blockfolio brand name, it has become sufficiently clear that the exchange is solidifying its brand identity. The company has also netted some major endorsement deals more recently -- like the naming rights to the Miami Heat basketball arena and the sponsorship deal for Major League Baseball. Overall, FTX continues to push ahead into the mainstream, while positioning itself as a tough rival to market leaders such as Coinbase.