Over 90% of FTX’s Blockfolio Acquisition Was Made Using FTT Tokens: Report
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According to Bloomberg, around 94% of the funds used to acquire the crypto trading app Blockfolio were denominated in FTT, the “exchange token” FTX created in 2019 that entitled its users to discounts on trading fees.
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 co-founder and then-CEO of the app Ed Moncada said at the time that he was “thrilled by the potential of uniting one of the best product teams in our industry with what we are convinced is the best exchange in the space.”