Merger & Acquisition: FTX and Blockfolio

In a recent news release, it was noted that the popular crypto exchange FTX has acquired Blockfolio in a $150M deal. Blockfolio is a top crypto tech that tracks prices of coins as well showing signals. Blockfolio is one of the most engaged apps in the crypto space.

But according to Blockfolio's recent blog post, FTX is merely joining forces with them and I subsequent months, a new trading exchange will be launched courtesy of FTX.

We’re teaming up with one of the most dynamic companies in the space because the stakes of crypto are about to get much higher, the community of crypto users is about to get much bigger, and together, the possibilities for what we can build for them are endless.

Blockfolio also notes that, they will continue to operate as an independent application; stating that in no way will Blockfolio’s story end with this acquisition.

This acquisition by FTX is in a bid to expand to retail experience. Formally announced Wednesday morning in Asia, the deal is a strategic play for FTX, whose clientele consists largely of quants and professional traders, to attract more retail customers.

According to FTX CEO Sam Bankman-Fried, FTX isn’t “just acquiring the intellectual property,” rather it’s an acquisition synergy and scale up. The combined company aims to “build a new standard for quality in retail trading experiences,” said Blockfolio CEO Ed Moncada.

See full news here: https://cryptobriefing.com/ftx-crypto-exchange-buys-popular-blockfolio-app-150-million/

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