Cryptocurrency alternate FTX has introduced the acquisition of fashionable crypto portfolio tracker Blockfolio in a deal paid totally in FTX’s native token, FTT.

FTX, which launched in 2019 and shortly gained a popularity for its superior buying and selling options, has been increasing its choices in current months with the addition of recent services and products. The acquisition of Blockfolio, which has over seven million customers, will permit FTX to additional develop its attain and supply further instruments for its clients.

“We’re excited to convey Blockfolio’s experience and expertise in portfolio monitoring to the FTX ecosystem,” stated Sam Bankman-Fried, CEO of FTX. “This acquisition is a strategic transfer for us as we proceed to deal with offering the absolute best expertise for our customers.”

Blockfolio, which was based in 2014, presents a complete portfolio monitoring and administration platform for each novice and skilled cryptocurrency merchants. The platform permits customers to trace their portfolio worth and efficiency, in addition to obtain real-time alerts on market actions and information.

With the acquisition, FTX plans to combine Blockfolio’s monitoring capabilities into its personal platform, whereas additionally sustaining the standalone Blockfolio app. It will present FTX customers with entry to much more instruments and assets for managing their crypto investments.

FTT, the native token of FTX, has seen sturdy progress in current months, with a market capitalization of over $4 billion. Using FTT because the cost for the acquisition is an extra endorsement of the token’s power and potential as a worthwhile asset.

The acquisition is anticipated to shut within the coming weeks, with the phrases of the deal remaining undisclosed.

“We’re excited to hitch the FTX staff and proceed to offer our customers with the perfect portfolio monitoring expertise potential,” stated Ed Moncada, CEO of Blockfolio. “We consider this partnership will permit us to develop and enhance our platform in ways in which wouldn’t have been potential on our personal.”

The acquisition of Blockfolio is simply the most recent transfer in FTX’s ongoing growth efforts. In current months, the corporate has additionally launched new merchandise comparable to futures contracts and choices, in addition to added help for brand spanking new cryptocurrencies.

With the acquisition of Blockfolio and the continued growth of its product choices, FTX is positioning itself as a frontrunner within the cryptocurrency area and a go-to vacation spot for merchants in search of superior buying and selling instruments and assets.