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Crypto Investing Startup Started by Goldman Alum Changes Strategy
Domain Money, launched just before the start of the crypto bear market, is moving from actively managed investments to a robo-adviser model.
Crypto investing startup Domain Money, which was founded by Goldman Sachs veteran Adam Dell, is revising its business strategy, according to a document posted to the startup’s website.
The startup, which has raised $33 million in funding, was started in January at the tail end of a historic bull market that soon gave way to crypto winter.
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In a document dated Sept. 20, Domain Money outlined plans to shift the business model from actively-managed investments that offered access to Domain Portfolios to an automated, robo-advisory service featuring access to existing exchange-traded funds (ETF).
Domain Money halted the primary advisory services on Aug. 12, suspending the onboarding of new clients and the creation of new accounts. The new robo-advisory service was expected to launch within 30 and 60 days of the letter, though the startup said the launch could be staggered.
The Information was the first to publish on the Domain Money woes and the document’s existence.
Read more: Robo-Adviser Betterment Launches Cryptocurrency Offering
Brandy Betz
Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.
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