Cryptocurrency exchange FTX has acquired Blockfolio, a crypto-focused consumer app, for $150 million, iHodl Russia has learned.
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The Blockfolio purchase will allow FTX to introduce a simplified trading product to private clients. Companies are already working on it and are planning to launch the new service under the Blockfolio brand.
According to media reports, negotiations between FTX and Blockfolio continued for several months. In particular, Blockfolio was interested in the possibilities of monetizing users trading cryptocurrencies
FTX CEO Sam Bankman-Fried said that his company does not want to destroy Blockfolio, but rather will help the service grow further:
"If you look at the billions of dollars and hundreds of millions of users on apps like Robinhood, Cash App, Paypal, Coinbase, etc., you can get a sense of the scale of growth that's not just theoretically possible but in fact achieved here."
Previously, Blockfolio developers raised $17 million from Founders Fund, Pantera Capital and other investors.
In May, Coinbase Custody, the crypto custody division of the popular crypto exchange Coinbase, added support for the FTX's token.
Coinbase said that even though FTX is its "largest exchange client to-date," it has already offered its custody services to other important companies such as Grayscale Investments, Polychain Capital and a16z crypto.
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