FTX showed that although the Blockfolio brand name is being retired, this would not impact the services used to users.
The Blockfolio brand name disappears: One of the very first real item brand names in the cryptocurrency area, the mobile app that began life as a portfolio tracker– and later on changed into a trading app under the stewardship of FTX– will now take its brand-new owner’s name.
Blockfolio, which boasted a user base in excess of 6 million crypto lovers, was obtained by Sam Bankman-Fried’s FTX Trading business in August 2020 in an offer worth $150 million.
Related: Billionaire SBF states FTX might one day purchase Goldman Sachs and CME
“The rebrand of FTX: Blockfolio to FTX puts the final cap on our acquisition of Blockfolio, doubling down on our commitment to being the number one crypto trading platform for both retail and institutional users,” stated FTX CEO and crypto billionaire Sam Bankman-Fried “Rebranding Blockfolio reveals our dedication to mobile trading, and is simply another action in growing our brand name on a worldwide scale and will enable us to bring brand-new functions to market and much better the user experience.”
In the United States, traders will experience a “simplified” version of the FTX.US website via the application, which requires compliance with Anti-Money Laundering and Know Your Customer policies. Elsewhere, the app will redirect users to the FTX international trading platform.
Related: FTX set to secure naming rights to Miami NBA stadium until 2040
“It’s completion of an age,” said Blockfolio co-founder and former CEO Ed Moncada. “It’s actually a part of crypto history– the brand name had a fantastic run, and I’m really happy with the large variety of individuals we handled to onboard into the crypto area throughBlockfolio But as they constantly do, Sam and his group are actually taking this to a brand-new level and I believe the time had actually come for the app to come under the FTX umbrella.”
FTX continues to press into the mainstream with sponsorships in locations where there is substantial group overlap in between crypto traders and prospective retail audiences. Recently FTX ended up being a main sponsor of Major League Baseball, after protecting the identifying rights to the Miami Heat basketball arena.
FTX likewise just recently raised $900 million in a Series B financing round, with financiers consisting of Coinbase Ventures andSequoia Capital It presently has an $18 billion appraisal.
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