The cryptocurrency exchange FTX acquired Blockfolio for $150 million, a conversation between Crypto Briefing and CEOs Edward Moncada and Sam Bankman-Fried revealed Wednesday 26 August.
Moreover, the deal is expected to add millions of users to the exchange platform.
FTX is a cryptocurrency exchange that offers derivatives, options, and other sophisticated products. Blockfolio is a consumer tracking application.
According to CoinDesk, the price was paid in cash, crypto, and equity. FTX CEO Sam Bankman-Fried said that FTX isn’t just acquiring the intellectual property. “It’s an ‘acquire for the synergy and scale up’ sort of deal,” he added.
For his part, Blockfolio CEO Ed Moncada said that the combined company aims to “build a new standard for quality in retail trading experiences.”
Earlier talks between FTX and Blockfolio
By the end of 2019, both companies started discussing plans to build a retail-focused cryptocurrency product together. Talks later turned into merger discussions.
Sixth-largest deal in crypto sector
Meanwhile, the FTX-Blockfolio deal seems to be the sixth-largest acquisition in crypto sector history. It comes after Lightyear.io’s merger with Chain, the deal that formed Interstellar, which is worth $350 million. It also came ahead of the Tron Foundation’s acquisition of BitTorrent, which amounted to $125 million.
In October 2018, NXMH acquired an 80% stake in Bitstamp for $400 million, to be the largest deal yet.
More about both companies
Downloads of Blockfolio exceeded 6 million on iOS and Android. Previously, the startup raised $17 million from Founders Fund, Pantera Capital, Dan Matuszewski, DCM Ventures, Hashkey Digital Asset Group, and others.
It allows users to add the portfolio of cryptocurrencies and track their worth over time. It also allows users to view market moves by searching for a token within the app. In addition, users can connect the application to their exchange accounts to automate portfolio monitoring.
According to CryptoWatch, FTX exchange is based in the Caribbean state of Antigua and Barbuda. It ranks first by order-book liquidity and seventh by 24-hour volume.