eToro Social Crypto Trading Platform Buys Delta Crypto Portfolio Tracker App for $5 Million
The popular social trading platform eToro has recently decided to acquire Delta, a cryptocurrency portfolio management application. According to the reports from TechCrunch, the company was bought for $5 million USD, but the terms of the deal remain undisclosed.
Delta is focused on helping investors who want to make more informed decisions about the crypto market. So far, Delta has been used to track more than 6,000 cryptocurrencies from a total of 180 different exchanges. The company claims that over 1.5 people have downloaded the app until today and that a good share of these users can be considered active on a monthly basis.
According to the CEO of Delta, Nicolas Van Hoorde, the acquisition makes sense because there is a very strong synergy between the two companies. They are both very focused on their communities and always innovating. Also, the two firms have been successful in creating a community that has a high level of engagement by using cutting edge technology.
Reports indicate that the team will continue to be primarily based in Belgium and that most of the team members will continue in their positions. What will change is that now the team will work together with eToro to provide solutions that will cater to the needs of the social trading platform as well.
eToro’s CEO Yoni Assia has recently affirmed that most fintech companies right now are not even targetting profitability yet, so he is happy that the firm has been profitable for a long time and that they have several good products.
This is the second time that eToro has bought another company in 2019. Back in March, eToro was able to acquire Firmo Network for an undisclosed amount of money.