FTX, a cryptocurrency derivatives trading platform, launched operations on May 8, 2019. It was founded by Alameda Research. Binance purchased shares in the company in December 2019 as well as took a long-term position in the platform's FTX Token. At the time of its December 2019 investment, Binance said that FTX had an average daily volume of nearly half a billion U.S. dollars across all of its products. In August 2020, FTX acquired Blockfolio, an app for retail investing consumers that allows users to keep track of the value of their cryptocurrency portfolios.