Blockfolio has launched zero-fee cryptocurrency trading within its portfolio tracking app, according to an announcement Friday.
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
âThere 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 weâve 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,â said Jonathan Chu, Blockfolioâs head of product.
See also: Robinhood Limits Cryptocurrency Trading Citing âExtraordinary Market Conditionsâ
The move comes after the firmâs $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 FTXâs 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.