FTX crypto exchange acquires Blockfolio for $150 million

Contents

FTX derivatives exchange buys Blockfolio for $ 150 million
CONTENT

  • FTX is about to launch a new retail platform

  • Blockfolio Acquisition Marked As Second Largest Deal In 2020

  • The growing interest in trading cryptocurrency futures and options is constantly increasing

International consortium of news organizations, developing transparency standards.

This deal became the second largest in the cryptocurrency market and is second only to Binance, which acquired the CoinMarketCap resource for $ 400 million..

FTX intends to create a retail space

Hong Kong Cryptocurrency Derivatives Exchange FTX has announced its acquisition of crypto portfolio tracker Blockfolio. The transaction amount was $ 150 million.

FTX derivatives exchange buys Blockfolio for $ 150 million

The exchange will now work with the Blockfolio team to create a new platform for retail cryptocurrency trading, which is scheduled to launch this fall..

FTX sees its acquisition of Blockfolio as “a chance to bring its powerful trading package and industry-leading liquidity to a new audience,” according to a press statement..

“We believe that cryptocurrency is on the cusp of mass adoption. Therefore, we are thrilled to be able to combine one of the best product teams in our industry with what we believe to be the best exchange on the market in the sector, ”said Ed Moncada, co-founder and CEO of Blockfolio..

The main task of the Blockfolio tracker is to track the value of cryptocurrencies on almost all existing exchanges. This allows users to choose the site with the most favorable conditions for selling or buying coins..

The FTX exchange itself specializes in cryptocurrency derivatives trading, offering its clients to buy and sell not coins, but futures and options. The company also plans to launch a decentralized exchange Serum.

Futures trading has reached a new level

Trading in cryptocurrency derivatives has reached a new level this year. In May-June, trading in bitcoin futures and bitcoin options reached a record high of $ 16 million. This situation testifies to the maturation of the market, experts believe.

However, futures and options trading remains inaccessible to Americans, and this is a huge market.

FTX derivatives exchange buys Blockfolio for $ 150 million

CoinDesk correspondent Zach Voell said on Twitter that US traders have only limited access to the market..

“American Traders Cannot Access Bitcoin Futures Market.

FTX derivatives exchange buys Blockfolio for $ 150 million

This is for our own good. Don’t forget to say thank you to the regulators, ”he said.

Given that open positions in Bitcoin futures are close to all-time highs, it would certainly be interesting to see the contribution of US retail investors to the total if they were allowed to trade contracts. Whether the SEC’s efforts to protect investors are justified or not, it is unlikely to make massive changes that will allow exchanges like Binance or Huobi to offer their products to US retail investors anytime soon..

 

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FTX derivatives exchange buys Blockfolio for $ 150 million

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