After Robinhood Blunder, Blockfolio Will Pay Users Dogecoin for Trading
Blockfolio is now offering zero-fee trading. The crypto portfolio app has integrated FTX Exchange.
- Blockfolio has integrated FTX Exchange. Customers will now have access to zero-fee trading.
- Last summer, FTX acquired Blockfolio in a $150 million deal.
- The announcement comes amid a week of turmoil in the stock markets.
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Thanks to an integration with the cryptocurrency exchange FTX, Blockfolio users will now access zero-fee trading and token bonuses.
Blockfolio Supporting Crypto Trading
Blockfolio now supports crypto and stock trading. The company announced that it would be offering zero-fee trading last night.
The move is made possible by an integration of the cryptocurrency exchange FTX.
Trade crypto and stocks with no fees. pic.twitter.com/uwKrP287gI
— FTX App (@ftx_app) January 28, 2021
Blockfolio began as an application for tracking the price of cryptocurrency assets like Bitcoin and Chainlink. It’s ubiquitous among crypto enthusiasts.
In August, FTX announced that it had acquired the company in a $150 million deal. Now, the exchange will be accessible from within the app. Additional details from FTX’s founder Sam Bankman-Fried also revealed token bonuses for trading on the app.
7) And, most importantly:
–Can I really get FREE DOGE coin for trading on Blockfolio?
I don't know–see for yourself @elonmusk 🙂 pic.twitter.com/MNJDp8j5EJ
— SBF (@SBF_FTX) January 29, 2021
FTX is a relatively new cryptocurrency exchange, but it’s experienced rapid growth in a short timeframe.
It’s been applauded by many crypto insiders for its innovative products like facilitating trading on synthetic stocks like Facebook, Amazon, and Google. In December, it listed Airbnb ahead of the company’s IPO.
This week, FTX traders could speculate on tokenized GameStop stocks when the traditional markets were closed. Now, Blockfolio users will have the same access.
Chaos in Traditional Markets
The Blockfolio announcement comes during a week of chaos in the stock markets.
A widely-documented short squeeze on GameStop stocks turned into a full-blown drama, in which Robinhood blocked its users from trading. While GME was the main talking point, DOGE pumped during the frenzy.
Sam Bankman-Fried referenced the events in a tweetstorm regarding the Blockfolio news. He clarified that stock trading would be supported in applicable jurisdictions, and “it would be ridiculous not to be able to” withdraw tokens. He also pointed out that DOGE could be earned as a reward.
Though it’s not clear whether the integration is a response to Robinhood’s blunder, Bankman-Fried’s tongue-in-cheek tone suggests that the company may have helped inspire the move.
Blockfolio’s trading tool is open to U.S. and international users now. It supports USD, BRL, AUD, and SEPA transfers of EUR.
Disclosure: The author held cryptocurrencies at the time of press.