Delphia, a stock advisor which operates using algorithms, has announced that it has received $60 million in funding in a bid to facilitate its infrastructural growth.
According to reports, this fund was raised as its Series A round and was led by Multicoin Capital. However, some other investors which participated in the funding round are FTX Ventures, Cumberland, and Ribbit Capital among others.
Delphia, which plans to utilize huge volumes of data for its market forecasts, said that the received funds would be used to increase headcount and to also launch a reward token. The stock advisor pushes out a mobile app that allows for investments starting from $10, and also has a hedge fund that covers about 2,500 United States equities.
As a company that relies heavily on public data to make predictions, Peek stated that starting off this summer, the Delphia Data Reward Token would be available. “Users that are obliged to share some personal information would be rewarded with our native tokens” he stated.
Andrew Peek, CEO of Delphia explained that eligibility would require having a Delphia account. They would also be expected to have a bit of financial investment. Users who meet this criterion would therefore have to bridge certain applications on their phone to the Delphia app.
These connected applications could be Venmo, LinkedIn, Facebook, Instagram, or some other social media applications. The data that would be collected include purchase history on Amazon and transactions done on credit cards. Data from the connected apps will also be required.
With this in place, users would be eligible to earn an ERC20 token which can be exchanged for money on cryptocurrency exchanges. Those who hold these tokens would also have rights to certain benefits which include early access to certain financial products and fee reduction on some financial services.
Venture funding has continued to grow in today’s Web3.0 ecosystem. In a similar development to Delphia’s, London-based Fintech firm, Elwood Technologies recently had its valuation spike to about $500 million after it raised $70 million in a Series A financing round.
Through this fund, Elwood plans to scale its product offerings to meet consumer needs and also boost its infrastructure for international operations. Similar to Delphia, Elwood also provides qualitative data which facilitates informed investment in cryptocurrencies like Bitcoin (BTC).