The crypto derivatives exchange FTX spent $150 million together in cash, crypto, and stock to acquires a portfolio tracker app Blockfolio.
Purchasing the portfolio tacking app might seem to be beneficial for the derivatives exchange but the fact can not be denied that presently, it does not have the audience for it.
FTX Offers ERC-20 Token
The professional traders in the market mostly opt for the FTX because the derivatives exchange allows them to trade on futures markets. The exchange even offers the ERC-20 tokens to its users so that it could easily trace Bitcoin’s volatility.
According to the report, the Blockfolio, which is a consumer app, organized a funding round earlier and raised a total of $17 million from Founders Fund, Pantera Capital, Dan Matuszewski, and many others.
It is an iOS and Android friendly application, which has been downloaded by the users more than 6 million times.
The app was invented to help the users to integrate their crypto portfolio on the platform and after that, they can easily trace its value in real-time. With the help of this app, the users can search for a token to analyze the market movement of it.
Notably, users are allowed to integrate their exchange account with the application so that it automatically starts tracking the portfolio, whenever needed.
FTX And Blockfolio Developing Trading Product
Ed Moncada, the co-founder and the CEO of Blockfolio while sharing his views on his company’s recent integration, said that soon the market would experience a bullish trend and before that, a lot of users would join the crypto space through their app.
He further stated,
“But when it comes to the alignment of our missions, which are both very focused on the best experience for the user, there is no exchange moving as quickly or as thoughtfully as the team at FTX.”
As per the report, the derivatives exchange would be using the Blockfolio’s services to introduce a simple trading experience for the retail customers.
The report further mentioned that their teams have already started working together to launch a trading product that is branded by Blockfolio.