Goldman Marcus Alum Launches Retail Investment Platform That Accommodates Stocks and Crypto
Adam Dell, the former head of product at Marcus Goldman Sachs, launched a new crypto and stocks platform to “empower investors of all levels of expertise to generate better outcomes through access to the emerging crypto revolution,” according to a press release.
Domain Money, launched on January 25 and developed by members of the team behind Marcus, gives investors more control and access to trading of both stocks and crypto, along with actively managed investment strategies, real-time market intelligence, a proprietary social sentiment tool, and live customer agents, according to the release.
A spokesperson for Domain Money told GOBankingRates that besides the ability to trade crypto directly and equities, some other differentiators with competitors include the fact that the platform has a focus on data.
“We’ve created a product called Signal, which provides a proprietary social sentiment score. It looks at social media sentiment across various social media outlets,” the spokesperson said. “We also track things like protocol health by looking at GitHub submissions of the blockchain developer community. Finally, we track the flow of funds onto and out of exchanges, which is an indication of sentiment.”
The spokesperson added that the platform also gives customers the ability to buy baskets of stocks and cryptos.
“Those assets are managed by our investment team, which comes out of Goldman Sachs and Bridgewater Associates,” he said. “For investors that are less familiar with this asset class, these strategies provide investors a thoughtful way to get access to the asset class. Thematically, we are interested in blockchain technologies that serve a core banking function, such as DeFi money markets.”
Finally, he added that transactions costs for crypto “are lower than competitors, as well.”
Domain Money also announced in the release that it has raised $33 million from big-name investors including Bessemer Venture Partners, Maveron, RRE Ventures, SV Angel, Marc Benioff, Joe Lonsdale, and Elisha Wiesel. The firm is advised by experts including Christopher Giancarlo, former Chairman of the Commodities Futures Trading Commission (CFTC); Niall Ferguson, Senior Fellow, Hoover Institution; and Do Kwan, founder of Terra Network.
While the platform was launched amid a bloodbath for cryptos and Bitcoin in particular, which saw its price halved since November, Dell told Bloomberg that the platform has “thousands of customers” signed up since the morning. “Short-term market swings of being in a bearish market may dissuade some investors from participating, but the more thoughtful investors will appreciate the opportunity” in the long term, he told Bloomberg.
Bloomberg reported that when asked if being acquired or going public is part of the long term plan for Domain Money, Dell said he’s “focused on building a standalone company” with ambition to provide full financial services that “speaks to the needs of sophisticated retail investors.”
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