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Fresh on the heels of the largest funding round in crypto history, FTX is getting its branding in order.
The crypto exchange helmed by Sam Bankman-Fried is slapping its name on the Blockfolio trading app it acquired in May 2020 for $150 million, killing a clunky colon in the process.
"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,” Bankman-Fried said in a press release.
FTX’s $900 million Series B valued the company at $18 billion, speaking to investors’ belief in the grand ambitions of an exchange that sprouted up in Hong Kong just two years ago.
Unifying its brand identity would seem to follow suit as FTX looks to rival Coinbase and others for retail traders. The move comes after FTX has spent lavishly on sports sponsorships, putting its three letters on everything from arenas to umpires.
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"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,” Bankman-Fried
Bankman-Fried
Bankman-Fried founded the FTX cryptocurrency exchange and was celebrated as a "poster boy" for crypto. At the peak of his net worth, he was ranked the 41st-richest American in the Forbes 400. Sam Bankman-Fried.
https://en.wikipedia.org › wiki › Sam_Bankman-Fried
Over several weeks the Blockfolio app was rebranded as the FTX app which now had its own exchange. It also had a new set of Know Your Customer rules, Anti-Money Laundering policies, a new Terms of Service, as well as its own custodial wallet held by FTX, we assumed.
FTX purchased a majority stake in Blockfolio in 2020 using what was described at the time as a mix of cash, crypto, and equity. Initial reports indicated the acquisition totaled $150 million.
The platform was considered a convenient, user-friendly solution for investors who wanted to track the value of the cryptocurrency they held on multiple wallets and exchanges. In 2020, FTX acquired a majority stake in Blockfolio. After the FTX bankruptcy, Blockfolio is no longer available for users.
FTX was a leading cryptocurrency exchange that went bankrupt in November 2022 amid allegations that its owners had embezzled and misused customer funds. Sam Bankman-Fried, the CEO of the exchange, was sentenced to 25 years in prison and ordered to repay $11 billion.
Coinstats is regarded as one of the best portfolio tracking tools thanks to its ability to connect to multiple platforms and support in-app token swaps.
Kubera and Delta also support traditional assets, including stocks.
Coinmarketcap and CoinGecko are the best crypto portfolio trackers that can be used for free.
The best alternatives to Blockfolio are Crypto Central, HaHa Crypto, and Coins. If these 3 options don't work for you, we've listed over 20 alternatives below. What do you think of Blockfolio?
FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that.
Nearly all customers of FTX will get their money back, plus interest, after the cryptocurrency exchange imploded 17 months ago. FTX, which filed for bankruptcy protection in November 2022, said in a court filing Tuesday that between $14.5 billion and $16.3 billion would be available for distribution.
Tom Brady is the most famous face to promote and invest in FTX — and he also may have suffered the greatest individual loss. The Tampa Bay Buccaneers quarterback owned over 1.1 million common shares of FTX Trading, which equaled about $45 million before the company went bankrupt, according to Bloomberg.
By FTX app, are you referring to FTX Blockfolio? They are both owned by FTX as Blockfolio was acquired by FTX recently, however they are 2 different apps and platforms. As the name implies, FTX Pro has more features and a web app along with charts etc whereas Blockfolio is just a super simple app for you to trade.
FTX collapsed in November, and Bankman-Fried was arrested the following month. Before FTX failed and filed for bankruptcy, Bankman-Fried had a net worth on paper of $32 billion.
The crypto assets are being returned at their November 2022 valuations. Bitcoin has climbed more than 250% since then. Some customers of the failed cryptocurrency exchange FTX could receive the full value of the money they lost if a court approves the company's bankruptcy plan.
On Nov.8, FTX halted all non-fiat customer withdrawals. On Twitter, Bankman-Fried posted a string of apologies explaining FTX's liquidity issues and promising more transparency. Binance withdrew from the deal.
FTX was the third-largest cryptocurrency exchange in the world when it filed for bankruptcy protection in November 2022 after it experienced the crypto equivalent of a bank run. CEO and founder Sam Bankman-Fried resigned when the exchange collapsed.
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