Summary
- The decentralized derivatives exchange dYdX has announced the acquisition of the social trading platform 'Pocket Protector.'
- This is dYdX's first external acquisition, with experienced individuals joining major positions.
- The acquisition price remains undisclosed, and the deal was completed using a mix of cash and dYdX tokens.
dYdX, a decentralized derivatives exchange, has acquired the cryptocurrency social trading platform 'Pocket Protector.' This acquisition marks dYdX's first external acquisition.
According to The Block, a media outlet specializing in virtual assets (cryptocurrencies), dYdX has acquired Pocket Protector, and Pocket Protector's co-founders Eddie Zhang and Kaiser Kinbote will be joining dYdX as President and Head of Growth, respectively. Zhang previously led Messenger products at Meta (formerly Facebook), while Kinbote is known for his over 10 years of experience in the cryptocurrency industry.
Pocket Protector is a social trading platform founded last year that enables users to trade with friends or follow top traders. dYdX plans to integrate social features into its core products through this acquisition, but no specific roadmap has been disclosed. The acquisition price has not been revealed, and the transaction was conducted using a mix of cash and dYdX tokens.
dYdX founder Antonio Juliano explained, "This acquisition is a strategic decision to expand our team's composition."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
