FTX Exchange’s $150M Deal for Mobile-First Blockfolio Is a Retail Trading Play

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Cryptocurrency derivatives exchange FTX has acquired Blockfolio, the market’s leading mobile news and portfolio tracking app, for $150 million. The price was paid in cash, crypto and equity, the companies told CoinDesk.

Formally announced Wednesday morning in Asia, the deal is a strategic play for FTX, whose clientele consists largely of quants and professional traders, to attract more retail customers.

Nine months ago, the companies began discussing plans to build a retail-focused cryptocurrency product together. Those discussions eventually morphed into merger talks.

Even as one of the newest exchanges, FTX has grown at warp speed since its founding last year.