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



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

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

Associated: Billionaire SBF says FTX might in the future purchase Goldman Sachs and CME

“The rebrand of FTX: Blockfolio to FTX puts the final cap on our acquisition of Blockfolio, doubling down on our commitment to being the number one crypto trading platform for both retail and institutional users,” stated FTX CEO and crypto billionaire Sam Bankman-Fried. “Rebranding Blockfolio shows our commitment to mobile trading, and is just another step in growing our brand on a global scale and will allow us to bring new features to market and better the user experience.”

In the United States, traders will experience a “simplified” model of the FTX.US web site through the software, 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’s the finish of an period,” stated Blockfolio co-founder and former CEO Ed Moncada. “It’s actually a a part of crypto historical past — the model had a tremendous run, and I am very happy with the sheer variety of folks we managed to onboard into the crypto house by Blockfolio. But as they at all times do, Sam and his crew are actually taking this to a new stage 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 may be important demographic overlap between crypto merchants and potential retail audiences. Just lately, FTX turned 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.