Former Goldman Sachs Head Launches Crypto Investing App, Raises $33M
Reports said that the former head of product for “Marcus by Goldman Sachs” has launched a crypto investing app, “Domain Money,” raising $33 million from investors.
It has been reported that 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.
However, 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.
The report said that 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.
"Investors are looking for access to diverse asset classes, along with security, transparency and the power to be in control of their finances."
Thus, he added:
"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."