Popular investment firm eToro, which uses a social trading model allowing users to copy the trades of others, has acquired cryptocurrency portfolio tracker Delta for a rumored $5 million.
According to a press release, Delta’s CEO Nicolas Van Hoorde said the acquisition makes sense for both Delta and eToro, as well as their users, as there are “strong synergies between the two companies.”
The Delta app allows users to track their cryptocurrency portfolios across over 180 exchanges and supports more than 6,000 cryptoassets. It gives investors tools to analyze their portfolios and reportedly has “hundreds of thousands” of active monthly users.
While Delta will be added to the eToro Group, its team will be a part of eToroX, eToro’s cryptocurrency arm, and will report to Doron Rosenblum. eToro said:
The team will continue to be based in Belgium, working in close collaboration with eToro and eToroX employees across the globe.
TechCrunch reports a source claimed eToro acquired Delta for $5 million, but didn’t add a lot more details. Officially, the terms of the deal haven’t been disclosed. As eToro is a platform where users can gain exposure to stocks, fiat currencies, cryptocurrencies, and ETFs, it’s believed Delta will be used to help users track their investments in only one platform.
Delta currently only supports cryptoasset and cryptocurrency exchanges, but it could be expanded to let users track other portfolios, and a way for users to trade via eToroX through the app could also be in the works.
Last month, eToro launched a cryptocurrency portfolio that gauges market sentiment, by mining social data to select cryptoasset to invest in each month. In March, it acquired the Firmo Network for an undisclosed sum.
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