This Year's Second Largest Acquisition! FTX Acquires Asset Management App "Blockfolio" for Over 100 Million Dollars

The cryptocurrency profit and loss tracking platform Blockfolio announced on its official Blog that it has been acquired by the derivatives exchange FTX for $150 million. This acquisition will further expand FTX's influence in the cryptocurrency space and potentially bring in more potential users.

Blockfolio

In a previous article testing cryptocurrency asset management apps, Blockfolio was introduced. Its main features include:

• Integration with exchanges to track profits and losses
• Real-time cryptocurrency prices and trading volumes
• Cryptocurrency news updates
• Latest developments from various projects

Being an early platform launched in 2014, Blockfolio has reached a global user base. In 2019, it received investments from venture capital firms HashKey Capital and Pantera Capital. The app has been downloaded over 6 million times across 90 countries, but one of its drawbacks is the lack of support for a desktop version.

FTX Continues Expansion

FTX has been making moves recently, not only launching the decentralized derivatives trading platform "Serum" based on the Solana blockchain but also announcing on August 21 that all order fees for FTX futures and spot markets are waived for the rest of the year.

Regarding Blockfolio's acquisition at a high price, Blockfolio's CEO Edward Moncada told the media:

We have always planned to develop a large user base by integrating trading functions through the app. Therefore, we started negotiating with major exchanges since May and approached FTX. Initially, it was just a collaboration, but later it evolved into a full acquisition.

Is Blockfolio worth $150 million? FTX's founder Sam Bankman-Fried emphasized:

More and more people are not only online but primarily using their phones. If executed correctly, the demand for products like these will see significant growth. This is a vast field.

According to Blockfolio's official website, they will introduce built-in trading functionality by the end of this year. User pre-registration is now open here, and it seems they are offering registration rewards.

Second Largest Acquisition This Year

The highest-value acquisition this year was Binance's confirmed acquisition of CoinMarketCap (CMC) in early April. The acquisition amount is rumored to be as high as $400 million. This move not only drew high attention from the crypto community but also raised concerns about Binance's overwhelming influence in the crypto space and the future data integrity of CMC.

However, this opportunity has brought more attention to another data platform, "CoinGecko." Despite having significantly lower website traffic compared to CMC, CoinGecko is more detailed in categories like DeFi data and measurement standards for trading volumes. Even Deribit researcher Hasu stated that he has finally overcome his old habits and switched from using CMC to CoinGecko.