Blockfolio, an application for cryptocurrency portfolio tracking, is launching zero-fee trading.
Crypto institutionalisation has ramped up in response to the most recent bull run, which saw the total market cap of cryptocurrencies hitting USD1 trillion this month, exceeding the value of global tech giant Facebook.
“There is a wave of new users coming into the crypto space who need simple, easy tools to help them navigate what can be a daunting industry. Since we’ve always tried to be the most user friendly companion app for the crypto industry, bringing dead-simple, zero fee trading into the app was a natural next step for Blockfolio,” says Jonathan Chu, Blockfolio’s head of product.
While the rally has been led by institutions, retail investment is on the rise – total active Bitcoin addresses hit an ATH earlier this month and Google search volume shows evidence of a resurgent retail interest, surging to a three-year high. Twitter mentions of Bitcoin have already surpassed 2017 peak levels.
Blockfolio says the launch of the new crypto trading features will make its mobile app the first to give crypto investors everything they need in one location – combining trading, portfolio tracking, and even direct news updates from more than 700 leadership teams of the industry’s top crypto projects.
Blockfolio was acquired in 2020 by FTX – the fastest growing cryptocurrency exchange beloved by traders – for USD150 million. FTX will provide exchange infrastructure and liquidity for crypto trading in Blockfolio.
“The recent crypto bull run has highlighted both the legitimacy and unlimited creative potential of digital assets, but access is currently limited to those with industry know-how. The one thing holding retail consumers back is having an app that makes it easy for anyone and everyone interested in this new frontier of finance to buy and sell crypto – and that is exactly what Blockfolio’s app will provide,” says Sam Bankman-Fried, CEO of FTX.
FTX has already recorded more than USD15 billion in trading volume in a single day, higher than the Robinhood app. More than six million users have downloaded Blockfolio’s portfolio application. Nearly half a million users have already pre-registered to gain access to the new trading experience.