Portfolio is starting to go into the sunset, but it’s a new morning for the FTX app

The Blockfolio model is gone: As certainly one of the first actual product manufacturers in the crypto sector, the cellular app started to work as a portfolio tracker – and was later transformed into a trading utility underneath the management of FTX, which now bears the new proprietor’s title.

Blockfolio, with a consumer base of over six million crypto fans, was acquired by Sam Bankman-Fried’s firm FTX Trading in a $ 150 million deal in August 2020.

Related: SBF Billionaire Says FTX Could One Day Buy Goldman Sachs and CME

“Renaming FTX: Portfolio to FTX sets the ultimate limit for our portfolio acquisitions and doubles our commitment to be the leading crypto trading platform for both private and institutional users,” mentioned FTX CEO and crypto billionaire Sam Bankman- Fried. “The rebranding portfolio shows our commitment to mobile commerce and is just another step in our brand’s global growth and will allow us to bring new capabilities to market and improve the user experience.”

In the US, retailers obtain a “simplified” model of the FTX.US web site by way of the app, which requires compliance with anti-money laundering and Know Your Customer tips. Elsewhere, the app redirects customers to FTX’s worldwide trading platform.

Related: FTX secures naming rights to the Miami NBA stadium by 2040

“It’s the end of an era,” mentioned Blockfolio co-founder and former CEO Ed Moncada. “It actually is a piece of crypto historical past – the model has had an unimaginable run and I’m so pleased with the sheer quantity that we managed to break into the crypto area by Blockfolio. But as at all times, Sam and his crew are actually taking this to the subsequent stage and I believe it’s time we bought this app underneath the FTX umbrella. “

FTX continues to push mainstream funding in areas the place there is important demographic overlap between crypto merchants and potential retail audiences. FTX just lately grew to become an official sponsor of Major League Baseball after securing the naming rights to the Miami Heat basketball stadium.

FTX additionally just lately raised $ 900 million in a Series B funding spherical, with buyers like Coinbase Ventures and Sequoia Capital. It is presently valued at $ 18 billion.