Cryptocurrency derivatives exchange FTX has bought US-based cryptocurrency portfolio management network Blockfolio for an amount reported by Coindesk as $150m, allowing digital currency exchanges Bitmex and Huobi to exit.
Blockfolio operates an online platform with 6 million users that helps users track their cryptocurrency portfolios, in addition to a tool that enables them to receive direct updates from executives associated with selected currencies.
The company’s app will continue to operate independently following the deal and is accepting applications for a retail trading product powered by FTX technology that will be launched in the coming months. The $150m was provided through a combination of cash, equity and crypto.
Huobi and Bitmex backed Blockfolio’s $11.5m series A round in late 2018 alongside Pantera Capital, Founders Fund Pathfinder, NKB Group, DCM Ventures, Digital Horizon Capital, Mayfield Fund, Chapter One Ventures, Refactor Capital, Abstract Ventures, Block72, Global Blockchain Innovation Capital and Nirvana Capital.
The company had raised about $400,000 from unnamed investors between 2014 and 2017 before adding $3m in seed funding from investors including DCM Ventures, L2 Ventures and Playground Ventures in mid-2018.
Blockfolio said in a blog post announcing the acquisition: “In no way does Blockfolio’s story end with this acquisition.
“We are 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.”
