Slovakian based Fintech holding company PineByte has just announced today the acquisition of 100% of the assets of U.S. based social trading community, FX Junction. The deal was made back in January but just made public. The acquisition of the largest social forex network will enable PineByte to expand within the Fintech sector in particular into social trading.
Founded in 2011, FX Junction was one of the first open social network made up of Forex traders from around the world. FX Junction enables its members to simplify and easily communicate trade information and interact with other traders of all experience levels.
FX Junction provides its members with the ability to discuss and follow each other’s trades in real-time; analyze performance by encouraging transparency and information sharing. Today, FX Junction has become the leading open social trading network with over 24,000 active members who are connected to over 750+ brokers.
In addition, FX Junction offers its social trading software as a white label solution to financial institutions wishing to expand their brokerage into the social/copy trading space.
The purchase of FX Junction was financed entirely by equity capital. The parties have agreed not to share the purchase price. PineByte states it is determined to continue building on the success of FX Junction through improvements to the user interface and making it compatible with mobile technologies as well as expansion into other asset classes including exchange traded futures and securities.
For more information, you can visit PineByte’s website by clicking here.