Blockfolio, a crypto asset tracking application, is stepping into trading with the launch of a new app with the additional perks of zero fees. Blockfolio has been a preferred choice for crypto traders as it offers a simple platform to track their assets, trades, and profits over time. It is also launching with zero fees, which will be a bonus in high transaction prices for Ethereum based tokens. The new product launches five months following the crypto derivatives exchange FTX took over the firm for $150 million.
Blockfolio’s new trading platform will come in direct rivalry with Robinhood and Coinbase, which has some of the industry’s highest fees. Blockfolio incepted in the crypto market at a point where users could not trace the number of different cryptos and their holdings’ performance. FTX’s trading systems will power the new functionality. Blockfolio understands its benefit over the competition and will cease on its pricing model. The firm will be amongst some platforms in crypto that contribute zero-fee crypto trading.
Zero Fee Transaction app to fuel amidst Institutional Bitcoin Activity
Moreover, the firm said that it would provide special prices to its competitors and capture a percentage of that price enhancement. The roll-out appears at a time when the market is been more focused on institutional activity in Bitcoin. Since FTX acquired Blockfolio, rumors regarding large asset managers and hedge funders have controlled crypto-related headlines.
FTX CEO, Sam Bankman-Fried, provided a few answers to give an early FAQ for the new platform. He declared that Blockfolio is open to the U.S. and global users. It will provide crypto, fiat, and stocks in some jurisdictions. Fiat currencies will incorporate USD, BRL, AUD, and EUR in the Single Euro Payments Area. He reckoned it would help ACH, a popular payment method for banking consumers in the United States. It will also support several other countries worldwide, with instant crediting from CirclePay on the Solana network. There would also be a referral program to be declared.
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