Last week, FTX announced it would acquire crypto data tracking app Blockfolio for $150 million. As reported at the time, FTX is looking to leverage the Blockfolio acquisition to expand its retail footprint and built on the community of users the app has generated thus far.
In this episode of The Scoop, Blockfolio co-founder Ed Moncada and FTX's Sam Bankman-Fried talk about the logic behind the deal and what they plan to build together in the future.
The pair also talks about the growing decentralized finance (DeFi) movement and how Jump Trading is going to play a big part in FTX's upcoming decentralized exchange, Serum.
The conversation also touches on:
- The origin of the FTX/Blockfolio deal
- How FTX is attempting to approach products with more precision as the market floods with tokens and how that's changed product goals in the past month
- Why the firms see their coming product as a "token agnostic" application
- How they're ensuring the large retail base won't get on the wrong side of a trade
- Their take on today's mania in relation to previous bull market moments and how it relates to their deal
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.