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Portfolio App Blockfolio Adds Crypto, Stock Trading to Capitalize on GameStop Drama
The app offers trading of crypto assets as well as tokenized stocks listed on derivatives exchange FTX.
Updated Sep 14, 2021, 11:03 a.m. Published Jan 29, 2021, 2:08 p.m.
Blockfolio has launched zero-fee cryptocurrency trading within its portfolio tracking app, according to an announcement Friday.
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The firm is also listing all tokenized stocks listed on derivatives exchange FTX in the trading service (available to non-U.S. users only).
A Blockfolio representative told CoinDesk it decided to include these offerings due to the ongoing situation with Robinhood, which has restricted some stock and crypto offerings amid the GameStop trading craze started by Reddit group WallStreetBets.
See also: FTX Exchange Lists WallStreetBets Futures to Capitalize on Investing Movement
“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,” said Jonathan Chu, Blockfolio’s head of product.
See also: Robinhood Limits Cryptocurrency Trading Citing ‘Extraordinary Market Conditions’
The move comes after the firm's $150 million acquisition by FTX in August 2020. The new service will see heavy competition from the likes of Coinbase and Robinhood, though FTX told CoinDesk it believes it will offer a superior pricing model.
The new feature, which is powered via FTX's trading systems, also comes via a partnership with capital markets solutions provider Digital Assets AG and investment firm CM Equity established in October last year.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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