What's up, folks? It turns out that dYdX, one of the largest cryptocurrency exchanges, has just made its first big move: buying Pocket Protector! Yes, you read that right. This isn't just any purchase; it's a strong bet to turbocharge "social trading." 🚀
Imagine this: dYdX, which is already moving a scary amount of money (more than a trillion dollars in trades, insane! 🤯), now wants people not only to trade but also to connect and share their moves as if it were a social network. And that's where Pocket Protector comes in, which was no ordinary startup, hey! They had a Telegram bot that already allowed about 50,000 users to follow the top traders and share ideas in real-time. They had even moved a billion dollars in annualized trading volume! 📈
The brains behind Pocket Protector, Eddie Zhang and Kaiser Kinbote, aren't leaving empty-handed; they will now be president and director of growth at dYdX. What an ascent! 🤩 The negotiation was lightning-fast, closing in just over a month, and the payment was a mix of cash and dYdX tokens, which are around $0.67. Pocket Protector, which raised $7 million from heavyweight investors just last year, had a team of nine engineers, and guess what, they are all joining dYdX! Too bad their iOS app won't see the light of day, but surely all that energy will focus on the dYdX ecosystem.
This news comes right after dYdX underwent an internal "makeover," even cutting 35% of its staff to become more agile. It seems these changes were part of a larger plan to go all in. 💪
So, while other crypto giants like Coinbase, Kraken, and Ripple are also making million-dollar purchases, dYdX is not falling behind. They want to be THE place where not only do you invest, but also learn and get inspired by others. Is social trading the future of finance? 🤔 We'll have to stay super alert to see how this play unfolds!$DYDX
