"And in the end, those are just examples, not the largest vision you could have for Blockfolio." "If you look at the billions of dollars and hundreds of millions of users on apps like Robinhood, Cash App, Paypal, Coinbase, etc., you can get a sense of the scale of growth that's not just theoretically possible but in fact achieved here," Bankman-Fried said.
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He added that the deal was not the type in which the acquirer would pick apart the acquired company for scraps and offer a cash-out for the latter's founders, adding that FTX is committed to making Blockfolio "massively bigger." Already, Blockfolio has racked up 6 million users and sees approximately 150 million impressions per month. The transaction was in the form of a mix of equity, FTX's native token and cash, Bankman-Fried said. "It started on that level, discussing what products we could collaborate on and it changed over the course of a few months," Bankman-Fried said. Blockfolio was exploring how it could capture the value accrued in crypto trading. The acquisition deal spawned from early discussions between the two companies about ways they could collaborate on new products. The acquisition of Blockfolio will help the firm expand its footprint in the retail market, chief executive Sam Bankman-Fried said in an interview with The Block. Launched in 2019, FTX is known for quickly delivering new products to market for institutional traders, including a wide range of derivatives.
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Crypto derivatives exchange FTX has acquired popular crypto price tracking app Blockfolio for $150 million in one of the largest acquisition deals in the digital asset space this year.