The Blockfolio brand no longer exists: One of the first real product brands in the cryptocurrency space, the mobile app that began as a portfolio tracker – and later transformed into a trading app under the direction of FTX – will now take the name of its new owner .
Blockfolio, with a user base of more than six million crypto enthusiasts, was acquired by Sam Bankman-Fried’s FTX Trading Company worth $ 150 million in August 2020.
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“The renaming of FTX: Blockfolio to FTX sets the final cap on our acquisition of Blockfolio and doubles our commitment to be the leading crypto trading platform for both private and institutional users,” said FTX CEO and crypto billionaire Sam Bankman- Fried. “The renaming of Blockfolio shows our commitment to mobile commerce and is just another step in growing our brand worldwide and will allow us to bring new features to market and improve the user experience.”
In the US, the application provides merchants with a “simplified” version of the FTX.US website that requires compliance with anti-money laundering and Know Your Customer guidelines. Elsewhere, the app redirects users to FTX’s international trading platform.
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“It’s the end of an era,” said Blockfolio co-founder and former CEO Ed Moncada. “It’s really part of crypto history – the brand has had an amazing run, and I’m very proud of the sheer number of people we’ve brought into the crypto space through Blockfolio. But as always, Sam and his team are really taking this to a new level and I think it was time the app came under the umbrella of FTX. “
FTX continues to enter the mainstream with sponsorship in areas where there is significant demographic overlap between crypto traders and potential retail audiences. FTX recently became an official sponsor of Major League Baseball after securing the naming rights to the Miami Heat basketball stadium.
FTX also recently raised $ 900 million in a Series B funding round, with investors like Coinbase Ventures and Sequoia Capital. It currently has a valuation of $ 18 billion.