The central theses
- Blockfolio has integrated FTX Exchange. Customers now have access to toll-free trading.
- Last summer, FTX acquired Blockfolio worth $ 150 million.
- The announcement comes in the midst of a week of turbulence in the stock markets.
Share this article
Thanks to the integration with the FTX cryptocurrency exchange, Blockfolio users can now access fee-free trading and token bonuses.
Blockfolio to support crypto trading
Blockfolio now supports crypto and stock trading. The company announced that it would offer no fee trading last night.
The move is made possible by the integration of the FTX cryptocurrency exchange.
Trade crypto and stocks with no fees. pic.twitter.com/uwKrP287gI
– Blockfolio (@blockfolio) January 28, 2021
Blockfolio started out as an application for tracking the price of cryptocurrency assets like Bitcoin and Chainlink. It’s ubiquitous among crypto enthusiasts.
In August FTX announced that it acquired the company in a $ 150 million deal. The exchange is now accessible via the app. Additional details from FTX founder Sam Bankman-Fried also revealed token bonuses for trading on the app.
7) And above all:
– Can I really get a FREE DOGE coin to trade with Blockfolio?
I don’t know – see for yourself @elonmusk 🙂 pic.twitter.com/MNJDp8j5EJ
– SBF (@SBF_Alameda), January 29, 2021
FTX is a relatively new cryptocurrency exchange, but it’s growing rapidly in a short period of time.
It has been hailed by many crypto insiders for its innovative products like the facilitation of trading synthetic stocks like Facebook, Amazon and Google. In December, Airbnb was listed before the company went public.
This week, FTX traders were able to speculate on tokenized GameStop shares as traditional markets closed. Blockfolio users now have the same access.
Chaos in traditional markets
The Blockfolio announcement comes during a week of chaos in the stock markets.
A well-documented brief press on GameStop stock turned into a full blown drama in which Robinhood prevented its users from trading. While GME was the main conversation, DOGE pumped during the frenzy.
Sam Bankman-Fried referred to the events related to the Blockfolio news in a tweetstorm. He made it clear that stock trading is supported in applicable jurisdictions and “it would be ridiculous not to be able to withdraw tokens”. He also pointed out that DOGE could be earned as a reward.
While it’s not clear whether the integration is a response to Robinhood’s mistake, Bankman-Fried’s ironic tone suggests that the company may have helped inspire the move.
Blockfolio’s trading tool is now open to US and international users. It supports USD, BRL, AUD, and SEPA transfers from EUR.
Disclosure: The author held cryptocurrencies at the time of going to press.
FTX Crypto Exchange buys popular Blockfolio app for $ 150 million
According to a conversation between Crypto Briefing and CEOs Edward Moncada and Sam Bankman-Fried, FTX has acquired Blockfolio for $ 150 million. The deal will likely add to the rapidly growing exchanges …
Review of forecasts for 2020 and 2021
Happy New Year from all of us at Crypto.com Research! 2020 was an unprecedented year for the world and for crypto. Before we get fully into the predictions for 2021, we will …
Interview: Insight into the USD 150 million blockfolio acquisition from FTX
FTX acquires Blockfolio, a crypto portfolio tracking app, for a record $ 150 million. This is the third largest acquisition by crypto companies to date. We interview CEOs Samuel Bankman-Fried and Edward Moncada for …
Mirror Wallet Launches Stock Trading App for Rival Wounded Robinhood
Mirror Wallet gives users access to 12 of the best American technology stocks. These synthetic assets can be used by anyone with an internet connection to Tesla, Apple, Twitter and …