Portfolio App Blockfolio Adds Crypto, Stock Trading to Capitalize on GameStop Drama

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Blockfolio launched royalty-free cryptocurrency trading within its portfolio tracking app on Friday, according to an announcement.

The company also lists all token stocks listed on the FTX derivatives exchange in the trading service (only available to users outside the US).

A representative from Blockfolio told CoinDesk that due to the ongoing situation with Robinhood, it had decided to include these offers, which limited some stock and crypto offers due to the GameStop trading madness sparked by Reddit group WallStreetBets.

“There is a surge of new users entering the crypto space who need simple tools to navigate a potentially daunting industry. As we have always tried to be the most user-friendly companion app for the crypto industry, it was a logical next step for Blockfolio to integrate absolutely simple trading with no fees into the app, ”said Jonathan Chu, Product Manager at Blockfolio.

The move comes after FTX acquires the company in August 2020 for $ 150 million. The new service will face stiff competition from companies like Coinbase and Robinhood, although FTX believes it can offer a superior pricing model to CoinDesk.

The new function, which will be made available via FTX’s trading systems, is also based on a partnership with the capital market solution provider Digital Assets AG and the investment firm CM Equity, which was founded in October last year.