The former head of product for “Marcus by Goldman Sachs” has launched a crypto investing app, “Domain Money,” raising $33 million from investors on Tuesday.
Adam Dell, brother of Dell computers tycoon Michael, assembled a team of 25 former staff members from Goldman Sachs. Other staffers are leaving their roles at Bridgewater Associates, Morgan Stanley, Coinbase Global Inc. and BlockFi. Former Goldman Sachs chief technology officer Elisha Wiesel, and Christopher Giancarlo, the former chairman of the Commodities Futures Trading Commission have also been tapped to join the project.
The app is targeted at retail users, who will be charged an annual management fee of 1% for actively managed and curated investment plans. The app features real-time market intelligence, live customer agents as well as social sentiment analysis.
Gemini will facilitate the app’s crypto trading feature, and Apex Clearing will provide securities trading and custody.
Investors in the project include venture capital firm Bessemer Ventures and Marc Benioff, who is the co-founder of Salesforce.com Inc. Also Maveron, RRE Ventures, SV Angel and Joe Lonsdale
We are thrilled to announce that Domain Money has launched. With our app you can trade stocks and crypto, invest in one of our professionally managed strategies and discover serious control through Domain Signal. Now available in the Apple app store.https://t.co/WDrR4q9W9y pic.twitter.com/89kZ9pTJds— Domain Money (@domainmoney) January 25, 2022
"Investors are looking for access to diverse asset classes, along with security, transparency and the power to be in control of their finances," said Dell in a Tuesday announcement, adding that his mission is to grow his customers’ wealth.
“We developed Domain Money to provide investors a sophisticated, intuitive, and holistic platform to invest in crypto, not as a novelty, but as a core component of their portfolios."