eToro, the company that cases themselves as a social stock and cryptocurrency trading platform, is delving deeper and deeper into the latter category with an acquisition that will no doubt be of great help for their clients.
The acquisition sees eToro close a deal on Delta, the crypto portfolio tracker app. It is reported that the deal is worth about $5 million, but not too many details are known about it. This acquisition of Delta will add another edge to the portfolio tracking for cryptocurrency users of eToro as the app has support for more than 6,000 crypto assets from more than 180 exchanges.
For eToro, they will be taking the Delta team under their eToroX division – which is specifically targeted at the cryptocurrency side of the business. “The team will continue to be based in Belgium, working in close collaboration with eToro and eToroX employees across the globe,” says eToro.
According to the data, Delta is a popular app and has been gaining traction recently. To date, Delta says it has seen 1.5 million downloads and has “hundreds of thousands” of active monthly users.
But, the idea with this acquisition is to offer the users of eToro the ability to track all their investments in one place, starting of course with cryptocurrencies but soon to be moving to multi-assets.
“At a time when other fintechs state that they are not even targeting profitability, we are proud to be a well funded, profitable business that is growing both in terms of geographical coverage but also product range,” says Yoni Assia, co-founder and CEO of eToro, in a statement.
“We are a trading and investing platform that not only provides clients with access to the assets they want, from commission free stocks and ETFs through to FX, commodities and crypto assets, but also lets customers choose how they invest.”
“They can trade directly, copy another trader, or invest in a portfolio. We believe in empowering our clients, and the acquisition of Delta will allow us to add an important new element to our offering.”
Of course, for the average crypto investor, the need to track and monitor prices is of the utmost importance. The volatile nature of these assets means that reliable and accurate data is needed in order to effect smart trades.