An Israeli serial technology entrepreneur has invested over $5 million to buy the website domain, invest.com, in order to penetrate the forex industry with an all assets brokerage site, sources close to the matter told Forex Magnates.
The invest.com site says coming soon, but it has been revealed that the group behind it is Singulariteam, a private investment fund dedicated to seed capital for
early stage technology companies. Headquartered in Tel Aviv with offices located around the globe, the fund is described as a super angel investor.
Singulariteam focuses on disruptive technologies so it should be interesting to see if it is able to bring any groundbreaking innovations to the trading industry. Its Managing Partner & Chairman, Moshe Hogeg, is said to be the man behind the move into the trading business.
Moshe Hogeg is the CEO and Founder of Mobli, a social mobile photo and video-sharing website with over 22 million users. He is considered to be an influencer on social network-oriented startups and one of the most fruitful entrepreneurs in Israel.
Hogeg is also known around the tech world for having invested $200,000 from his own pocket on the single-word messaging app YO!, which was considered a joke before he did so.
The over $5 million price tag paid by Hogeg’s fund is a new record for forex related domains, more than doubling Investing.com’s $2.45 million in 2012.
Singulariteam is also behind a new venture called Stox, which is referred to as “the next big thing in retail trading.” The service is still in beta stage and only open to a limited amount of people, but Forex Magnates has been able discover some crucial details about it.
Stox is a an online stock brokerage that allows traders to see other people’s stock portfolios and even copy their trades. Unlike most forex brokers, Stox exclusively offers trading in real stocks and does not offer trading in CFDs. It has still not been revealed how much the Stox.com domain cost.
When the service is launched, it will be interesting to see if they aim to disrupt the business of a social forex broker like eToro, or target the whole stock brokers/funds managers model of the established and much larger stock trading world using technologies invented by the forex industry.