- Blockfolio originally wanted a partner to build out an in-app trading feature. Discussions with FTX led to a full-fledged acquisition
- Both FTX and Blockfolio have solid synergies that could help accelerate growth for both companies
- FTX plans to execute on the next stage of its customer plan by appealing to retail through Blockfolio’s user base
- Both companies want to build much more than just a portfolio tracking and crypto trading app
- Other comparable acquisitions in the crypto space were fraught with drama, so the two companies must tread carefully
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FTX is acquiring a crypto-portfolio tracking app Blockfolio for a record $150 million, the third-largest disclosed crypto company acquisition to date. We interview CEOs Samuel Bankman-Fried and Edward Moncada for the inside scoop.
“This is a brand and team we really believe in. It’s the best case I could ask for,” said Moncada of the deal.
FTX and Blockfolio Join Forces
Blockfolio has long had plans to tap into its enormous active user base with in-app trading, CEO Edward Moncada told Crypto Briefing. However, Blockfolio didn’t have “exchange DNA,” so the company started looking for an exchange to partner with in May of this year.
Blockfolio has its origins as a mobile-first crypto portfolio tracker. Since its launch in 2014, the Los Angeles-based company has added several new features. Blockfolio integrated with exchanges, top media companies, and project teams to deliver a potent combination of price data, news, and team updates. Adding ways to trade in-app is a natural next step.
“Originally, we began talking about building something together. It wasn’t an acquisition, it was just leveraging FTX to build a product for Blockfolio users,” said FTX founder Samuel Bankman-Fried.
Blockfolio talked with “most of the top exchanges,” but things “really just clicked with FTX,” said Moncada. “They were excited about the product, and they were excited about…