The app has a reported user base of around 6 million so it has a good head start over rivals. It is also launching with zero fees which will be a bonus in times of high transaction prices for Ethereum based tokens.
— Blockfolio (@blockfolio) January 28, 2021
More Crypto Trading Options
The move comes a day after popular millennial trading platform, Robinhood, halted trading for a certain stock that has gone viral recently. The new trading platform will put Blockfolio in direct competition with the likes of Robinhood and possibly even Coinbase, which still has some of the highest fees in the industry.
Speaking to The Block, head of product at Blockfolio, Jonathan Chu, said;
“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.”
FTX CEO, Sam Bankman-Fried, posted a few answers to provide an early FAQ for the new platform. He stated that Blockfolio open to U.S. and international users and will offer crypto, fiat, and stocks in some jurisdictions. Fiat currencies will include USD, BRL, AUD, and EUR in the Single Euro Payments Area.
He added it would support ACH, a popular method of payment for banking customers in the United States and various other countries around the world, with instant crediting from CirclePay on the Solana network. There would also be a referral program to be announced.
— SBF (@SBF_Alameda) January 29, 2021
Resounding Approval For Blockfolio
Circle co-founder and CEO Jeremy Allaire also tweeted his approval of the new offering;
“Disruptive!!! Blockfolio. No fee crypto, instant funding, power of USDC and Circle APIs”
Spartan Group founder Casper Johansen likened the launch to a huge earthquake in the financial industry;
“This is not just another “product launch”. The tectonic plates are shifting in financial markets and – in case you somehow missed the tremors – this one is an 8.5 on the Richter scale.”
More options for easy and hassle-free crypto trading can only be good for digital asset markets, which are up 9% on the day as total market capitalization reclaims $1 trillion.