FTX exchange demonstrates retail expansion aspirations as it acquires the number one crypto app.
Blockfolio is off the table, and with it goes the second — and arguably final — opportunity for a crypto exchange to add millions of existing retail users to its ecosystem.
Following Binance’s acquisition of CoinMarketCap (CMC) earlier this year, crypto industry prognosticators identified the retail market’s most popular portfolio management app as the likely target of the sector’s next mammoth retail deal.
And FTX, which only launched in 2019, has proved willing to pay the $150 million price tag for Blockfolio’s 6 million-strong user base as the exchange looks to fuel its rapid growth.
“We’re at the beginning of a bull market that will bring more new users to the space,” Ed Moncada, co-founder and CEO of Blockfolio, told Cointelegraph.
“Pretty much everybody picked up the phone after that deal,” he continued.
