Blockfolio rides off into the sunset, but it’s a new dawn for FTX App

The Blockfolio model isn’t any extra: One of many first real product manufacturers within the cryptocurrency house, the cellular app that began life as a portfolio tracker — and later morphed right into a buying and selling app beneath the stewardship of FTX — will now take its new proprietor’s title.

Blockfolio, which boasted a consumer base in extra of six million crypto fans, was acquired by Sam Bankman-Fried’s FTX Buying and selling firm in August 2020 in a deal value $150 million. 

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“The rebrand of FTX: Blockfolio to FTX places the ultimate cap on our acquisition of Blockfolio, doubling down on our dedication to being the primary crypto buying and selling platform for each retail and institutional customers,” stated FTX CEO and crypto billionaire Sam Bankman-Fried. “Rebranding Blockfolio exhibits our dedication to cellular buying and selling, and is simply one other step in rising our model on a world scale and can permit us to carry new options to market and higher the consumer expertise.”

In america, merchants will expertise a “simplified” model of the FTX.US web site through the applying, which requires compliance with Anti-Cash Laundering and Know Your Buyer insurance policies. Elsewhere, the app will redirect customers to the FTX worldwide buying and selling platform.

Associated: FTX set to safe naming rights to Miami NBA stadium till 2040

“It is the tip of an period,” stated Blockfolio co-founder and former CEO Ed Moncada. “It is actually part of crypto historical past — the model had a tremendous run, and I am very pleased with the sheer variety of folks we managed to onboard into the crypto house by means of Blockfolio. However as they at all times do, Sam and his group are actually taking this to a brand new degree and I feel the time had come for the app to return beneath the FTX umbrella.”

FTX continues to push into the mainstream with sponsorships in areas the place there’s vital demographic overlap between crypto merchants and potential retail audiences. Lately FTX grew to become an official sponsor of Main League Baseball, after securing the naming rights to the Miami Warmth basketball stadium.

FTX additionally not too long ago raised $900 million in a Sequence B funding spherical, with traders together with Coinbase Ventures and Sequoia Capital. It at the moment has an $18 billion valuation.