Bankrupt crypto exchange FTX reportedly funded 94% of its acquisition of Blockfolio with its own FTT token. According to Bloomberg, about 94% percent of the money used to acquire crypto trading app Blockfolio was paid in the FTT token, which FTX created in 2019.
The $150 million deal
FTX bought a majority stake in Blockfolio in 2020 using what was described at the time as a mix of cash, crypto and equity. The exchange reportedly spent around $150 million on the purchase of Blockfolio. Since 94% of that $150 million was paid in FTT tokens, Blockfolio owners received about $141 million in FTT tokens for the deal. So it is to be hoped for them that they sold the tokens when the price was still high.
The app’s co-founder and then-CEO Ed Moncada said at the time that he was “excited about the potential of uniting one of the best product teams in our industry with what we believe is the best exchange in the world.”