TechFlow news — financial statements show that FTX paid approximately $84 million in 2020 to acquire a majority stake in the portfolio management app Blockfolio, with about 94% of the transaction settled in FTT tokens. The acquisition agreement granted FTX a 52% stake in Blockfolio, valuing the company at nearly $160 million, with an option to purchase the remaining shares within two years.
At the time, FTX announced the Blockfolio acquisition was financed through cash, cryptocurrency, and equity, but did not disclose further details.
As previously reported, in July 2021, the cryptocurrency portfolio management app Blockfolio App was rebranded as FTX App. Blockfolio was acquired by FTX exchange in August 2020 for $150 million. Original link
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